MTECHTIPS;-Natural Gas Sees Profit Selling At Seven Week Top

MTECHTIPS;-Natural Gas Sees Profit Selling At Seven Week Top

MTECHTIPS- Natural Gas futures slipped today amid flat equities and profit selling stayed on course after the counter hit a seven week high. The commodity is quoting at $3.02 per mmbtu, down 0.59% on the day. MCX Natural Gas futures are also quoting down 0.51% at Rs 193.80 per mmbtu. The latest US Energy Information Administration (EIA) natural gas storage data recorded a build of 30 Billion Cubic feet (Bcf) for the week ending August 25th. The increase was below the build of 43 Bcf recorded last week and also marginally below consensus forecasts of a 32 Bcf increase. Stocks overall are 7.0% below the year-ago level and just 0.3% above the five-year average from 1.5% last week. Prices gained this week as markets focused on the damage from Hurricane Harvey. There were expectations of disruption to natural gas production and transport, although on a lower scale than for the oil sector. Any sustained decline in production would provide underlying support to prices

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