Natural Gas sees robust gains to break above $3 per mmtu

The US Natural Gas futures are holding steady after robust gains in last session as markets eye seasonally strong cooling demand this week. The benchmark Henry Hub Natural Gas futures spiked around 3.50% yesterday, breaking above $3 per mmbtu and currently quote at $3.03 per mmbtu, down 0.39% on the day. The commodity has bounced from a two-week low and will likely eye $3 per mmbtu as a key level in near term. Working natural gas in storage across the United States increased by 71 billion cubic feet in the week ending September 5 compared to the previous seven-day period to reach 3,343 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On MCX, Natural Gas futures are trading at Rs 266.90 per mmbtu, up 0.41% on the day.

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