Natural Gas hits eight month high as break above $4 mark extends

Natural gas continued to rally above $4 per mmbtu and currently trade at $4.26 per MMBtu, up 3.27% the day. The counter has rallied 25% last month and is currently around eight-month high as markets eye a pick up in US winter demand and firm LNG feedgas demand. Prices edged up despite a rise in US stockpiles. Working gas in storage across the United States was at 3,882 billion cubic feet in the week ending October 24, a report by the Energy Information Administration (EIA) showed last week. This marked a net increase of 74 billion cubic feet compared to the previous week. In comparison to the same period in 2024, gas stocks grew by 29 billion cubic feet and were 171 billion cubic feet above the five-year average of 3,711 billion cubic feet. MCX Natural Gas futures are trading at Rs 377.50 per mmbtu, up 3.50% on the day.

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