Natural Gas slps 1% on MCX, global cues cautious

US natural gas futures are witnessing cautious trades. The commodity slipped to four-month low but some support is emerging now. The counter currently trades at $2.91 per mmbtu, down marginally on the day. Meanwhile, working natural gas in storage across the United States decreased by 144 billion cubic feet in the week ending February 13 compared to the previous seven-day period to reach 2,070 billion cubic feet (BCF), the Energy Information Administration (EIA) said last week. On an annual level, the figure saw a drop of 59 billion cubic feet. Natural gas inventories are already down 1.5% and demand is expected to pick up following US East Coast storm. Natural Gas is down around 4.3% this week. MCX Natural Gas futures are down 1% to trade at Rs 265.60 per mmbtu right now after testing near Rs 265 mark.

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