Natural Gas falls under $3 per mmbtu, US storage down 132 BCF

The US Natural Gas futures fell today after an impressive surge in last session. The counter jumped around 3% but fell back today, not being able to hold above $3 per mmbtu mark. Focus shifted on the US storage trends and geopolitical scenario also stayed in limelight. Working natural gas in storage across the United States dipped by 132 billion cubic feet in the week ending February 27, compared to the previous seven-day period, to reach 1,886 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On an annual basis, the storage rose by 115 billion cubic feet. The stockpiles dropped by 43 billion cubic feet above the five-year average of 1,929 billion cubic feet. The total working gas was within the five-year historical range. The commodity is trading in a tight range recently and has added 3.50% this week. MCX Natural Gas futures are trading at Rs 273.30 per mmbtu, down 0.11% on the day.

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