Natural gas futures were trading lower during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a weak trend overseas as traders remained wary ahead of Thursday’s weekly US storage data which may offer insights into the state of demand for the fuel in the world’s biggest gas consuming nation.
However, the losses in the fuel were curbed by hopes that a heat-wave which is making its way across the continental US may boost demand for gas-fired air conditioning.
Latest weather forecasting models predicted temperatures in the central US to be warmer than previously projected from July 20 to July 24, and sweltering conditions for the West from July 25 to July 29.
At the MCX, Natural gas futures for July 2016 contract were trading at Rs 182.80 per mmbtu, down by 0.38 per cent, after opening at Rs. 182.60, against the previous closing price of Rs. 183.50. It touched the intra-day low of Rs. 182.50. (At 12:08 PM).
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