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Natural Gas retreats ahead of US storage data

By Religare
|

Natural Gas futures fell in the domestic market on Thursday as investors and speculators booked profits in the energy commodity at existing levels after a sharp rally in recent sessions.

Further, caution ahead of the weekly government US storage data set for release later in the day also weighed on sentiment. A bigger than expected storage build may signal subdued demand for the fuel in the US, in early summer. Natural Gas is used by about 49 per cent of American households to fire up power plants as cooling demand rises.

 

US gas supplies may have risen by 110 billion cubic feet in the week ended June 5, 2015, the EIA may say on Thursday. Supplies rose 109 billion cubic feet in the same period a year ago while the five-year average build was 89 billion cubic feet.

At the MCX, Natural Gas futures for June 2015 contract is trading at Rs 184.80 per 1 kg, down by 0.16 per cent after opening at Rs 184.20, against the previous closing price of Rs 185.10. It touched the intra-day low of Rs 184.20. (At 12:33 PM).

Story first published: Thursday, June 11, 2015, 23:00 [IST]
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