Natural Gas sees sustained losses, slumps to two-month low

Natural Gas futures crashed in last session as a break under $3 per mmbtu mark extended on worries over mild weather in the US reducing domestic space-heating demand. Media reports are highlighting above-normal temperatures across key US heating markets through late October, curbing heating degree days and delaying seasonal residential space-heating demand. This has consistently pulled the Natural Gas futures in last few days and the benchmark futures tumbled around 6% yesterday following a 3% tumble in previous session. The counter currently trades at $2.75 per mmbtu, down 1.15% on the day and is near two-month low. MCX Natural Gas futures have added to recent losses and currently trade at Rs 263 per mmbtu, down 0.64% on the day after briefly falling under Rs 260 per mmbtu mark.

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