Natural Gas soars to two and half month highs, US storage up 95 BCF

US Natural Gas futures scaled up impressively today, adding to recent gains and hitting two and half month highs as working natural gas in storage slowed its rise in the US for the week ending June 13. According to the US Energy Information Administration?s (EIA), the US stocks of working gas in the Lower 48 rose by 95 Billion Cubic Feet or Bcf for the week?the first time in seven weeks the level did not increase by more than 100 Bcf and pushed up the counter more than 3.5% in last session. The prices continued to move up today and the Natural Gas futures are currently quoting at 4.07 per mmbtu, up 2.20% on the day. Market is also eyeing warlike situation in the Middle East which could potentially disrupt of supply of natural gas in Europe. On the MCX, Natural Gas futures are also up but gains are modest. The counter trades up 0.20% at Rs 353.40 per mmbtu.

Powered by Commodity Insights