Natural Gas softens from one-week high, US storage up 35 BCF

The US Natural Gas futures are finding it challenging to sustain after a spurt to one-week high yesterday. The commodity is tracking a rise in US natural gas inventories and a sharp reversal in crude oil futures in last session is also weighing on it. Working natural gas in storage across the United States rose by 35 billion cubic feet or BCF in the week ending March 13 compared to the previous seven-day period to reach 1,883 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On annual basis, the storage increased by 177 BCF. The stockpiles jumped by 47 BCF above the five-year average of 1,836 BCF. The total working gas was within the five-year historical range. The benchmark US Natural Gas futures slipped after nearing $3.30 per mmbtu mark yesterday and currently trade at $3.13 per mmbtu, down 1.20% on the day. MCX Natural Gas futures are trading at Rs 293 per mmbtu, down 0.85% on the day after testing highs around Rs 295 per mmbtu.

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