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As on: Jul 16, 2019 01:53 PM
Natural Gas Slides Near Three Week Low On MCX
15-Mar-19   18:42 Hrs IST

Natural Gas futures slipped today amid corrective selling. Prices were choppy yesterday after the US Energy Information Administration (EIA) stated that the working natural gas storage in the United States was 1,186 billion cubic feet (about 33.6 billion cubic meters) as of March 8, a net decrease of 204 billion cubic feet from the previous week. The natural gas storage decreased by 23.2 percent from this time last year, or 32.4% below the five-year average, according to EIA's Weekly Natural Gas Storage Report.

Net withdrawal of 206 billion cubic feet for the lower 48 states last week was the largest value ever reported for March in the EIA's Weekly Natural Gas Storage Report. According to EIA, the larger-than-normal withdrawals from storage were driven by the return of cold temperatures throughout large portions of the Lower 48 states, which increased heating demand for natural gas. The commodity failed to see much buying as demand is seen modest. The benchmark futures are currently trading at $2.82 per mmbtu, down 1% on the day. MCX Natural Gas futures are currently trading at Rs 195.30 per mmbtu, down 1.20% on the day. Prices are approaching their three week lows following the latest slide.

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