MCX Natural Gas futures end higher ahead of US supply data

Natural gas futures closed higher in the domestic market on Wednesday as investors eyed the weekly US gas storage report due on Thursday. The report may show that inventories rose by 65 billion cubic feet last week, above the five-year average gain for the week of 62 billion cubic feet. A heat wave across the US Midwest has helped to ease the excess gas supply in the country. Weather forecasts signaled above normal temperatures in the US Midwest through mid-September, bolstering the demand outlook for gas fired electricity needed to power air conditioners. At the MCX, Natural gas futures for September 2013 contract closed at Rs. 229.70 per mmBtu, up by 0.39 per cent, after opening at Rs. 229.90, against the previous closing price of Rs. 228.80. It touched an intra-day high of Rs 231.80.

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