Mumbai, 06 May (CommoditiesControl): MCX natural gas marks a 1.4% increase, currently trading at 181.6. Last week saw its most significant price surge in four months, with robust gains of 11.59%, propelled by weather shifts and low wind power generation, also boosting gas demand in the power sector contributed to the price surge.
Despite subdued market activity due to a British national holiday, traders remained vigilant regarding geopolitical tensions potential impact on gas supplies.
Concerns persist over developments in the Middle East and Ukraine, with Israel initiating evacuations in Rafah amid tensions with Hamas, and Russia targeting Ukraine energy infrastructure. However, gas storage levels in Europe remained unchanged at 63.3% capacity.
Looking ahead, weather forecasts for the next two weeks hint at slightly unsettled conditions with normal to above-normal temperatures and no extended dry spells.
(By Commoditiescontrol Bureau; +91-9820130172)
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