Natural Gas rises, MCX futures above Rs 280 per mmbtu mark

Natural Gas futures are on a recovery trail today. Demand outlook is supported on US seasonal patterns and market is also eying the latest state of inventories. According to EIA?s latest Weekly Natural Gas Storage Report, working gas in storage declined by 2 Bcf from the previous week. In the previous week, working gas in storage had declined by 3 Bcf. At current levels, stocks are 134 Bcf higher than last year and 267 Bcf above the five-year average of 3,700 Bcf. The commodity is currently trading at $3.32 per mmbtu, up 3.70% on the day. MCX Natural Gas futures are trading at Rs 280.80 per mmbtu, up 0.90% on the day after adding 2.26% in last session.

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