Natural Gas slides under $3 mark, US storage dips 144 BCF

US natural gas futures slipped to four-month low as mild weather capped demand. The counter has broken under $3 per mmbtu and currently trades at $2.96 per mmbtu, down 1% on the day. Meanwhile, working natural gas in storage across the United States decreased by 144 billion cubic feet in the week ending February 13 compared to the previous seven-day period to reach 2,070 billion cubic feet (BCF), the Energy Information Administration (EIA) said yesterday. On an annual level, the figure saw a drop of 59 billion cubic feet. Additionally, the stockpiles dropped by 123 billion cubic feet above the five-year average of 2,193 billion cubic feet. The total working gas is within the five-year historical range and broad supply outlook is comfortable. The US natural gas marketed production will increase by 2% to average 120.8 BCF per day (Bcf/d) in 2026 and then further increase to a record-high 122.3 Bcf/d in 2027, EIA noted in its latest Short-Term Energy Outlook (STEO). MCX Natural Gas also lost 2.46% following weak global cues and quotes at Rs 269 per mmbtu right now.

Powered by Commodity Insights