Natural Gas comes off highs near $3 per mmbtu, markets eye weekly US inventories

Natural Gas futures gave up after recent gains and came off highs near $3 per mmbtu. The commodity slipped after testing a one-week high of $2.98 per mmbtu as markets eyed sustained selling pressure in crude oil and a drop in US equities. Firm US dollar also weighed on commodities in general. Natural Gas slipped further today ahead of weekly storage data from the US Energy Information Administration (EIA). Natural Gas futures are currently quoting at $2.91 per mmbtu, up half a percent on the day but appear cautious after yesterday?s correction. MCX Natural Gas futures are trading at Rs 279 per mmbtu, up 0.40% on the day. The overall range has been very tight today.

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