MCX Natural gas futures are expected edge up from lower levels today as the commodity gets a lift in the Asian session following a rejuvenation in crude oil prices and a general recovery in equities. The commodity pared last night's losses and is trading up 4 cents or 0.81% from the previous close at $ 4.81 per mmbtu for the front month contract on the NYMEX in the electronic trades. EIA reported the withdrawal of 172 bcf of natural gas from US underground storage in the week ended Feb. 19. That left 1.85 tcf of working gas in storage, down 56 bcf from a year ago and 13 bcf above the 5-year average. The supplies have held firm, meeting demand adequately most of the times in the peak winter season and the near tem outlook remains mixed for the commodity. The MCX Natural gas futures fell to a fresh contract low of Rs 221.1 per mmbtu and recovered slightly. The counter currently trades at Rs 223.40, down Rs 0.20 per mmbtu from the previous close. Watch out for a rebound till Rs 229 if Rs 225 breaks on the up.
