Natural Gas choppy after 4% spike, EIA says US gas storage up 53 BCF

Natural Gas futures saw choppy moves today after a sharp spike in last session. The counter jumped around 4%, bouncing from a six-week low amid supportive equities. Prices had slipped on cooler US weather forecasts. However, US weekly gas inventories topped 3,000 Bcf for the first time since January thanks to steady builds. The Energy Information Administration or EIA reported yesterday that the US natural gas inventories rose by 53 billion cubic feet or bcf in the week ended July 4. The inventories were down 6% y/y, but were 6.1% above their 5-year seasonal average. This is making the overall scenario mixed for the prices and the futures are currently trading at $3.33 per mmbtu, almost unchanged on the day. MCX Natural Gas futures are up 0.46% at Rs 286.80 per mmbtu after hitting near Rs 291 per kg mark.

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