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Nymex Natural gas prices Gain, Crude Oil Prices Decline
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Nymex natural gas prices gained more than 2.2 percent mainly on the back of expected demand for the commodity from the colder regions for heating purposes and less than expected fall in US inventories on a weekly basis.
On the MCX, gas prices rose around 2 percent and touched a high of Rs 184.1/mmBtu last week. Additionally, supply concerns in the Middle East will also act as a positive factor for prices.
Nymex crude oil prices declined by 0.7 percent last week and touched a low of $94.99/bbl on Friday. A stronger dollar and weak global market sentiments due to rising worries over Euro Zone debt crisis exerted pressure on crude oil.
But, further decline was cushioned on account of expected supply concerns due to political turmoil in the Middle East region.
Additionally, geo-political tensions over Iran’s nuclear program also limited losses in oil prices. On the MCX, Crude oil December contract gained by 0.7 percent on account of Rupee depreciation and touched a high of Rs5156/bbl last week.