Natural Gas higher ahead of weekly storage data

Natural Gas higher ahead of weekly storage data

29/09/2016 15:01

Natural gas futures rose during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market ahead of US storage data which may indicate the state of the demand for the fuel in the world’s biggest gas consuming nation.

In the week ended September 16, 2016, gas supplies in the US rose by 52 billion cubic feet.

The EIA may on Thursday show that US gas supplies rose by approximately 56 billion cubic feet in the week ended September 23, 2016.

At the MCX, natural gas futures for September 2016 contract is trading at Rs 201.9 per mmbtu, up by 1.82 per cent, after opening at Rs 199.8, against a previous close of Rs 198.3. It touched the intra-day high of Rs 202.8 (at 15:00 PM).

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