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Friday 21 October 2016

Natural gas dips as US supplies rise : 21 Oct 2016

Natural gas futures fell during evening trade in the domestic market on Friday as investors and speculators exit positions in the energy commodity as a bigger-than-expected US storage build last week signaled weakening demand for the fuel in the world’s biggest gas consuming nation.

The EIA reported that US gas supplies climbed by 77 billion cubic feet (bcf) for the week ending October 14, above expectations for an increase of around 72 billion cubic feet.

Total US storage levels are 46 bcf above the year-ago figure and 5.1 per cent and 5.4 per cent above the five-year average and last week, respectively.
At the MCX, natural gas futures for October 2016 contract is trading at Rs 206.70 per mmbtu, down by 1.57 per cent, after opening at Rs 208.7, against a previous close of Rs 210. It touched the intra-day low of Rs 206.30 


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