FREE MCX TIPS | Natural Gas futures ended on a flat note, with a negative bias in the domestic market on Friday, even as traders weighed latest weather forecasting models which called for a return to colder weather in the US in the coming weeks, bolstering the demand outlook for the heating fuel.
Current weather forecasting models called for below-normal-temperatures across the contiguous US starting from mid-December, boosting the need for gas-fired heating at offices and homes. About 49% of US households use natural gas for heating purposes.
Despite the withdrawal in stockpiles in the week ended November 27, 2015, total US storage remains 13.7 per cent above the levels witnessed a year ago and 6.2 per cent higher than the five-year average levels.
At the MCX, Natural Gas futures for December 2015 contract closed at 146.20 Rs per mmBtu, down by 0.07%, after opening at Rs 146.90, against the previous closing price of Rs 146.30. It touched an intra-day low of Rs 145.40.
Current weather forecasting models called for below-normal-temperatures across the contiguous US starting from mid-December, boosting the need for gas-fired heating at offices and homes. About 49% of US households use natural gas for heating purposes.
Despite the withdrawal in stockpiles in the week ended November 27, 2015, total US storage remains 13.7 per cent above the levels witnessed a year ago and 6.2 per cent higher than the five-year average levels.
At the MCX, Natural Gas futures for December 2015 contract closed at 146.20 Rs per mmBtu, down by 0.07%, after opening at Rs 146.90, against the previous closing price of Rs 146.30. It touched an intra-day low of Rs 145.40.
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