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Swelling Inventories Hit Natural Gas

Swelling Inventories Hit Natural Gas

Natural Gas futures plunged almost 3 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as a below average drop in weekly US storage levels signaled weak demand for the heating fuel in the world’s largest gas consuming nation.

US gas supplies declined by 117 billion cubic feet last week, the EIA said, below the estimated decline of 125 billion cubic feet, and compared to a withdrawal of 158 billion cubic feet in the prior week, 220 billion cubic feet in the same week a year ago and a five-year average draw of around 137 billion cubic feet.

At the MCX, Natural Gas futures for March 2016 contract closed at Rs 124.4 per mmBtu, down by 2.9 per cent, after opening at Rs 127, against the last closing price of Rs 128.1. It touched an intra-day low of 121.4.

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