Tuesday, 24 February 2015

Live Updates on Energy Market

Oil prices traded lower on Monday as the expanding strike at U.S. refineries and the resumption of operations at Libya's largest oil field fueled the bearish sentiment.

On the MCX, crude prices plunged by 2.8 percent and closed at Rs.3209/bbl.

U.S. natural gas futures declined by 2.3 percent on Monday, amid speculation supplies are more than ample to meet demand. Total U.S. natural gas storage stood at 2.157 trillion cubic feet as of last week, 2.8% above the five-year average for this time of year.

On the MCX, gas prices fell by 1.3 percent and closed at Rs.181.6/MMbtu but sharp losses were cushioned owing to Rupee depreciation.

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