Natural Gas holds around two and half month high, EIA reports increase of 53 BCF in gas storage

The US Natural Gas futures are consolidating around two and half month high after a volatile price action in last session. Working gas in storage across the United States stood at 3,561 billion cubic feet (Bcf) in the week ending September 26, the Energy Information Administration (EIA) revealed in its report released on Thursday. This marked a net increase of 53 billion cubic feet compared to the previous week. On an annual level, the figure increased by 21 billion cubic feet. The stockpiles increased by 171 billion cubic feet above the five-year average of 3,390 billion cubic feet. The total working gas was within the five-year historical range. However, the latest build has narrowed the surplus to the five-year average, shrinking the storage cushion as market gears up for winter in coming months. The commodity currently trades at $3.43 per mmbtu, down 0.32% on the day but us up around 7% for the week. MCX Natural Gas futures are trading at Rs 306 per mmbtu, down 0.75% on the day.

Powered by Commodity Insights