Natural Gas tanks around 2%, reverses sharp gains seen in last session

Natural Gas futures slipped today, giving up sharp gains in last session as markets eyed a tepid undertone in crude oil. Some cautiousness ahead of tomorrow?s weekly US Natural Gas storage also played a part in pulling the counter lower after recent gains. The counter hit near three-week high recently but has been choppy thereafter. The commodity spiked around 3% in last session and currently trades down 1.70% at $3.21 per mmbtu. MCX Natural Gas futures are trading at Rs 305.90 per mmbtu, down 2% on the day. There has been a sharp drop in open interest in first few hours of trade today and accelerated sell off was seen once the counter failed to hold around Rs 310 per mmbtu mark.

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