Natural Gas Bears in control On US Storage Data
Natural Gas futures fell in the domestic market during noon trade on Friday as investors and speculators exited positions in the energy commodity as rising US supplies signaled weak demand for the power plant fuel in the world’s biggest gas consuming nation. The EIA on Thursday said that US gas stockpiles climbed by 73 billion cubic feet to 2.754 trillion cubic feet in the week ended May 13, 2016.
Total gas storage in the US is 28.8 per cent higher than the levels a year ago and 28.9 per cent above the five-year average.
At the MCX, Natural gas futures for June 2016 contract were trading at Rs.138 per mmBtu, down by 0.22 per cent, after opening at Rs. 136.8, against the previous closing price of Rs. 138.3. It touched the intra-day low of Rs. 136.10 till the trading.
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