Global Natural gas futures dropped from a one week high yesterday following a modest increase in US stockpiles. The commodity continued to ease today as well, currently trading at $ 2.700 per mmbtu, down 0.4 percent on the day.
MCX Natural Gas August futures are trading at Rs 178.70 per mmbtu, down 0.8 percent on the day after trading as low as Rs 178.20 per mmbtu.
The US Energy Information Administration (EIA) reported yesterday that US natural gas stocks increased by 22 billion cubic feet for the week ending August 12.
The five-year average for the week is an injection of around 57 billion cubic feet, and last year’s storage addition for the week totaled 52 billion cubic feet. Natural gas inventories rose by 29 billion cubic feet in the week ending August 5.
Earlier this week, the EIA projected that global natural gas production will rise from an estimated 342 billion cubic feet per day in 2015 to 554 billion cubic feet per day in 2040.
That’s an increase of 62 percent. The portion of production attributed to shale resources is projected to rise from 42 billion cubic feet per day to 168 billion cubic feet per day, a jump of 400 percent. Some 70 percent of that production will come from just six countries: the United States, Canada, China, Argentina, Mexico and Algeria.
Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.
Get more details here:-
Commodity Market Tips
Equity Tips
0 comments:
Post a Comment