Natural gas futures slumped in the domestic market on Friday as investor and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as investors weighed above-average storage injections with forecasts for moderate weather which may dim the demand outlook for the heating fuel. Bigger than expected gains in US inventories in recent weeks signal ample gas supplies in the world’s biggest economy. At the same time, weather forecasts signaled normal weather in the US in the coming weeks, dimming the demand outlook for the energy commodity which is used for heating purposes. Natural gas futures may continue the downward journey today amid weak global cues on above-average storage levels.
At the MCX, Natural gas futures for May 2014 contract closed at Rs. 259.90 per mmBtu, down by 2.66 per cent, after opening at Rs 265.50, against the previous closing price of Rs 267. It touched an intra-day low of Rs 259.40.
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