Natural Gas tumbles bounces from six-month low, US inventories in focus

The US Natural Gas futures moved up from a six-month low as markets eyed forecasts of slightly cooler weather in the US. The commodity found some support ahead of the weekly US Natural Gas inventories data due for a release on Thursday. Last week, the EIA data showed that US Natural Gas inventoried edged up 77 bcf for the week and revealed that inventories were down 4.3% on year. The commodity currently trades up 2% at $3.06 per mmbtu and market will be eying $3 as a critical near-term support level now. Meanwhile, MCX Natural gas futures closed lower by 1.37% at Rs 288.0 per mmbtu in last session, staying under stress after the break under Rs 300 per mmbtu mark. The counter currently trades at 294.40 per mmbtu, up 2.08% on the day after hitting high above Rs 295 per mmbtu in intraday moves.

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