MTECHTIPS;-Natural Gas Approaches Near Six Month Top

MTECHTIPS;-Natural Gas Approaches Near Six Month Top

MTECHTIPS- Natural Gas extended gains today, hitting just below six month highs amid good speculative buying. US Natural Gas futures slipped moderately on Thursday as the US Energy Information Administration (EIA) reported that US natural gas stocks decreased by a less than expected 183 billion cubic feet for the week ending January 12. The five-year average for the week is a withdrawal of 203 billion cubic feet, and last year’s storage withdrawal for the week totaled 243 billion cubic feet. Natural gas inventories fell by a record 359 billion cubic feet in the week ending December 29. Total US stockpiles fell week over week to 12.5% below last year’s level and are now also 12.3% below the five-year average. Prices can stay under check as the temperatures are expected to moderate over coming week. However, record high run in US equities and firmness in oil prices seems to be helping lift sentiments for Natural Gas too. The Natural Gas futures are currently quoting at $3.235 per mmbtu, up 1.60% on the day. MCX Natural Gas futures are trading at Rs 206.70 per mmbtu, up 1.60% on the day

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