Natural Gas slips on weak overseas Tread

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Natural Gas tanked more than 1.5 per cent during evening trade in the domestic market on Monday as investors and speculators exit positions in the energy commodity tracking weakness globally where prices fell on profit taking after a stellar rally on a smaller-than-expected US stockpile rise. 

The EIA said that US gas supplies climbed by 11 billion cubic feet to 3.350 trillion cubic feet in the week ended August 19, below expectations for an increase of 18 billion cubic feet. 

At the MCX, Natural gas futures for September 2016 contract were trading at Rs 194.7 per mmbtu, down by 1.57 per cent, after opening at Rs. 196.4, against the previous closing price of Rs. 197.8. It touched the intra-day low of Rs. 194.4.

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