Natural Gas up half a percent, EIA says US gas storage up 23 BCF

Natural Gas futures are holding steady off three-month after recent decline. Prices fell recently amid cooler temperature forecasts in the US for next month. Prices edged up after the latest US gas storage data but gains have been limited. Working gas storage in the contiguous United States was 3,075 billion cubic feet in the week ending July 18, a net increase of 23 billion cubic feet (BCF) from the previous week, the U.S. Energy Information Administration (EIA) said in a report on Thursday. The total working gas storage was down 4.7 percent from this time last year, but was 5.9 percent above the five-year average, according to EIA. The benchmark Natural Gas futures are currently quoting at $3.16 per mmbtu, up 0.51% on the day. MCX Natural Gas futures are also up 1.25% at Rs 275.20 per mmbtu after falling near Rs 271 per mmbtu mark.

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