Natural Gas stable around three-week high, EIA says US gas storage rises 46 BCF

The US Natural Gas futures are holding around three-week high as markets eye the inventories picture and the overall mood in risky assets. The commodity fell slightly yesterday but gained around 1.10% today to quote at $3.58 per mmbtu. MCX Natural Gas futures are quoting at Rs 308.70 per mmbtu, up 0.85% on the day after recovering from a low of Rs 303.50 per mmbtu. Yesterday, the Energy Information Administration or EIA reported that US Natural Gas inventories rose by 46 billion cubic feet or bcf in the week ended July 11. This was slightly above 5-year average build of 41 bcf for the week. As of July 11, gas inventories were down 4.9% y/y, but were 6.2% above their 5-year seasonal average. Prices have been rising this week on warmer US weather forecasts and the futures are up around 8% for the week following an 11% decline in last week.

Powered by Commodity Insights