Natural Gas lower despite upbeat US storage data 19/08/2016 14:23

Natural Gas lower despite upbeat US storage data
19/08/2016 14:23

Natural Gas futures fell during noon trade in the domestic market on Friday as traders cast aside data showing a smaller-than-expected US inventory build last week.
US gas supplies rose by 22 billion cubic feet to 3.339 trillion cubic feet in the week ended August 12, 2016, compared to an estimated increase of 27 billion cubic feet by analysts.
Overall US natural gas storage remains 10.9 per cent higher than levels at this time a year ago and 13.8 per cent above the five-year average for this time of year.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 178.7 per mmbtu, down by 0.83 per cent, after opening at Rs. 179.1, against the previous closing price of Rs. 180.2. It touched the intra-day low of Rs. 178.2. (At 14:18 PM).