Friday, 27 September 2013

MCX Natural Gas futures end lower on downbeat stockpiles data

MCX Natural Gas futures closed lower in the domestic market on Yesterday as investors and speculators exited positions in the energy commodity after a report showed that US gas stockpiles rose more than estimated last week, signaling weakening demand for the fuel in the world’s biggest economy. US natural gas stockpiles rose 87 billion cubic feet to 3.386 trillion cubic feet last week, the US Energy Information Administration (EIA) said. Analysts were expecting a stockpile-build of 79 billion cubic feet last week. 

At the MCX, Natural gas futures for September 2013 contract closed at Rs. 221.10 per mmBtu, down by 1.99 per cent, after opening at Rs. 225.10, against the previous closing price of Rs. 225.60. It touched an intra-day low of Rs 216.

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