Natural Gas flares up near Rs 300 per mmbtu on MCX, up 6%

Natural Gas futures flared up today, rising in tune with crude oil prices as escalating Middle East tensions heightened fears of supply disruptions. Fresh attacks on major energy infrastructure, including LNG facilities, further intensified supply concerns for European Gas market. The commodity had slipped near two-week low yesterday amid forecasts of warm US weather that will reduce natural gas demand. The US gas futures saw volatile moves amid a deep slide in equities yesterday but eventually gains after a break above $3 per mmbtu. The counter currently trades up 4.70% at $3.21 per mmbtu. MCX Natural Gas futures also moved higher, rising around 6% to trade at Rs 299.80 per barrel with a fresh record low for Indian Rupee pushing up the counter further.

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