Naturalgas on MCX settled up 0.95% at 138.40 but retreated from a fresh two-month high as market player remained divided about the impact of falling production and heavy stockpiles. The market had its best daily performance of the year on Tuesday, rising 7.6% in one session as trader pointed to signs of slowing production and said weather reports indicated stronger-than-expected demand on the way. Many have been betting that substantial cutbacks across the drilling industry are going to lead to similar cutbacks in production, which may then fall short of demand as it rises later this year.

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