Natural Gas off three-month low ahead of inventories

Natural Gas futures slumped yesterday amid cooler temperature forecasts in the US for next month. The commodity dipped for a third session in a row and tanked more than 5% to test a three-month low. The counter edged up from these levels though and is currently quoting at $3.09 per mmbtu, up 0.62% on the day. MCX Natural Gas futures are also up 0.41% on the day at Rs 272.40 per mmbtu after testing a high of Rs 272.70 per mmbtu. The counter has slumped more than 13% this week so far and the current rise could not sustain as markets eye the release of US Natural Gas inventories data later on today. A firm undertone in risk appetite and supportive crude oil prices are also playing a role in pushing up Natural Gas. The Dow spiked 1.1% yesterday while WTI Crude oil is up around 1% right now.

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