Natural Gas tanks ahead of inventories, MCX futures break under Rs 300 per mmbtu mark

The US Natural Gas futures slipped sharply yesterday, coming off a two and half month high as some profit booking emerged in the counter. US equities gave a positive performance yesterday and crude oil also remained steady after testing four-month low but Natural Gas turned around and tanked around 5%. The commodity fell further today and currently trades at $3.30 per mmbtu, down 0.90% on the day. The focus has now shifted to the weekly Natural Gas storage data from the US Energy Information Administration. However, some consolidation is expected in the commodity amid forecasts for cooler weather in the US that should boost demand for heating. On MCX, the Natural Gas futures are trading at Rs 292.80 per mmbtu, down 1.18% on the day. The counter lost around 3.60% in last session, breaking under Rs 300 per mmbtu mark.

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