Natural Gas zooms near $3 per mmbtu, US gas storage up 18 BCF

Natural Gas futures are holding near two-week high today, adding to a 2% spike in last session as focus shifts to the US supplies situation. The commodity has approached $3 per mmbtu mark and currently trades at $2.98 per pound, up 1.40% on the day as the US Energy Information Administration or EIA stated yesterday that natural gas inventories rose 18 bcf in the week ended August 22. This is well below the 5-year weekly average of 38 bcf, pushing up the prices. The US Natural gas inventories were down 3.5% y/y, but were 5% above their 5-year seasonal average. Natural Gas markets also eyed cooler late-summer weather forecasts. On MCX, the benchmark Natural Gas futures are trading at Rs 263.50 per mmbtu, up 0.80% on the day.

Powered by Commodity Insights