MGL reported volume de-growth of 9.2% YoY as demand is yet to fully recover. CNG volume de-grew 15.3% YoY (our estimate: 5.6%) to 1.9 mmscmd. On the PNG front, volumes grew 7.2% YoY to 0.9 mmscmd driven by robust domestic PNG demand. While industrial and domestic PNG segments reported growth of 6.1% YoY and 23.5% YoY, commercial PNG volumes were still down 27.7% YoY. Given the cost economics of natural gas over other alternative fuels in conjunction with rising pollution concerns having higher growth rate over the long term should not be a concern. The...