Natural Gas Tad Higher In Noon Trade

Natural Gas futures were trading with slim gains during noon trade in the domestic market on Tuesday as traders weighed forecasts for warm weather in the US against rising supplies.

Latest weather forecasting models called for hotter than normal temperatures in the Mid-Atlantic and Great Lakes region through August 26, bolstering the demand outlook for gas-fired air-conditioning.

Total US natural gas storage is 10.9 per cent higher than levels at this time a year ago and 13.3 per cent above the five-year average for this time of year.

At the MCX, Natural gas futures for August 2016 contract were trading at Rs 173.8 per mmbtu, up by 0.06 per cent, after opening at Rs. 173.5, against the previous closing price of Rs. 173.7. It touched the intra-day high of Rs. 174.4. (At 14:08 PM).

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Suhani Verma

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