Natural Gas jumped During Evening Trade in the Domestic Market
Natural Gas jumped during evening trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity after a less than expected rise in US gas supplies boosted sentiment.
The EIA said that US gas stockpiles climbed by 82 billion cubic feet in the week ended May 27, 2016, compared to a rise of 85 billion cubic feet estimated by analysts.
Still, total US natural gas storage stood at 2.907 trillion cubic feet, 24.5 per cent higher than levels at this time a year ago and 25.9 per cent above the five-year average for this time of year.
At the MCX, Natural gas futures for June 2016 contract were trading at Rs. 163.50 per mmBtu, up by 0.93 per cent, after opening at Rs. 162.50, against the previous closing price of Rs. 162.00. It touched the intra-day high of Rs. 166.00.
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