Natural Gas attempts rebound from four-week low

Natural Gas futures are attempting a rebound after witnessing the biggest decline in more than a month yesterday. Natural Gas tanked as plunging oil prices weighed on entire commodities basket. A warmer outlook for the US also pulled the counter down towards its four-week low before some support emerged. The counter is currently trading at $2.93 per mmbtu, up 1.60% on the day. Crude oil has also recovered today and WTI futures are up 2.72% at $90.60 per barrel. MCX Natural Gas futures for April are quoting at Rs 277.20 per mmbtu, up 1.43% on the day and are witnessing a mostly steady trend today. The counter lost 5% yesterday with a 80% surge in volume and 16% rise in open interest.

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