Natural Gas in Reverse Gear On Weather Outlook.
Natural gas futures plunged almost 1 per cent during evening trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity amid fears that mild weather in the US in the near-term may curb the demand for the heating fuel.
Updated weather forecasts called for mild weather in the US over the next two weeks, curbing gas-fired heating consumption at offices and homes. Nearly 50 per cent of US households use natural gas for heating purposes.
At the MCX, Natural gas futures for June 2016 contract were trading at Rs.145.6 per month, down by 0.95 per cent, after opening at Rs. 146.9, against the previous closing price of Rs. 147. It touched the intra-day low of Rs. 145.4 till the trading.