Natural Gas futures jump above $3 per mmbtu, EIA storage dips 54 bcf

Natural Gas futures jumped today amid firm cues from crude oil and a drop in the US storage. The counter rose above $3 per mmbtu and is currently trading at $3.01 per mmbtu, up 3% on the day. Meanwhile, working natural gas in storage across the United States decreased by 54 billion cubic feet or BCF in the week ending March 20 compared to the previous seven-day period to reach 1,829 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On an annual level, the figure increased by 90 billion cubic feet. Additionally, the stockpiles dropped by 14 billion cubic feet above the five-year average of 1,815 billion cubic feet. The total working gas was within the five-year historical range. MCX Natural Gas futures are trading at Rs 287.90, up 2.42% on the day.

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