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As on: Oct 18, 2019 10:18 AM
Impressive Rebound In Natural Gas After Falling From Six Week Top
12-Jul-19   18:16 Hrs IST
Natural Gas futures edged up impressively today after falling from a six week high yesterday. Prices dropped as traders eyed a potential fall in demand due to Tropical Storm Barry. A rise in US natural gas inventories also weighed on the sentiments. Working gas storage in the United States was 2,471 billion cubic feet in the week ending July 5, a gain of net increase of 81 billion cubic feet, or 3.4%, from the previous week, the US Energy Information Administration (EIA) said in a report on Thursday. The total working gas storage increased by 12.5% from this time last year, or 5.4% below the five-year average, but still within the five-year historical range. While the prices pulled back yesterday, a sharp recovery emerged in the counter today amid steady cues from equities. The counter currently trades at $2.44 per mmbtu, up 1.30% on the day. MCX Natural Gas futures are trading at Rs 168.20 per mmbtu, up nearly 2% on the day.

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