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MTECHTIPS:-US Natural Gas Inventories Rise, MCX Futures Off One Month High

MTECHTIPS:-US Natural Gas Inventories Rise, MCX Futures Off One Month High

The benchmark US Natural Gas futures plummeted nearly 5% yesterday to $2.7870 a million British thermal units (mmbtu) on the New York Mercantile Exchange, easing to their near two week low. Futures cut short their recent rally. Prices had gained on expectation that a coming spate of hot temperatures would draw on supplies. Natural gas is a key energy source in electricity generation, and demand goes up as people flip on their air conditioning. The US Energy Information Administration said inventories grew by 65 billion cubic feet in the week ended August 7th. Total US inventories now stand at 2.977 trillion cubic feet, 2.8% above average. MCX Natural Gas futures are trading at Rs 183.60 per mmbtu, unaltered on the day. The counter fell heavily yesterday, coming off a near one month high above Rs 191 per mmbtu.

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