Natural Gas Rallies On Warm Weather Outlook
Natural Gas advanced during evening trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warmer temperatures in the US over the next two weeks lifted the demand outlook for the power plant fuel which is used to fire up air conditioners.
A pickup in cooling demand may help ease stockpiles which at 2.8 trillion cubic feet are 40 per cent above the levels a year ago.
At the MCX, Natural gas futures for June 2016 contract were trading at Rs.139.8 per mmBtu, up by 0.36 per cent, after opening at Rs. 138.5, against the previous closing price of Rs. 139.3. It touched the intra-day high of Rs. 140.4 till the trading.
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