Natural Gas soars near five-week high, EIA reports 38 BCF drop in US gas storage

The US Natural Gas futures are stable around five-week high as a firm undertone in the crude oil prices is supporting the sentiments for energy segment. The counter currently trades at $3.27 per mmbtu, up 1.27% on the day as a break above $3 per mmbtu is holding well. Meanwhile, working natural gas in storage across the United States decreased by 38 billion cubic feet in the week ending March 6 compared to the previous week to reach 1,848 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On an annual basis, the storage increased by 141 billion cubic feet. The stockpiles dropped by 17 billion cubic feet below the five-year average of 1,865 billion cubic feet. The total working gas was within the five-year historical range. Weather conditions are steady and the current price action is largely being linked to the US-Iran war and general sentiments in global energy complex. On MCX, Natural Gas futures are trading at Rs 304.20 per mmbtu, up 2.20% on the day.

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