CO:Natural gas settled flat as traders weighed impact of Hurricane Irene
AHMEDABAD (Commodity Online): The climate forecasts predict that the upcoming Hurricane Irene will strike North Carolina coming Saturday. MCX Natural gas ended higher 182.10 rupees per MMBTU.
On Monday morning, MCX Natural Gas September delivery contract fall by 1.81 percent to 179.30 rupees per MMBTU.
Few people also predict that the imminent Hurricane will diminish demand for natural gas as the rain and wind will restrain the electricity demand for cooling households.
On the other hand, the Hurricane might damage Natural gas pipelines and cause NG production shutdown. This means this Hurricane might affect either way on the prices of natural gas in the upcoming week.
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