Natural Gas sees tight moves amid comfortable US storage

Natural Gas futures are witnessing very tight moves and lingered around one-month low as good supply and LNG feed gas interruptions weighed on sentiments. The counter is currently trading at $2.81 per mmbtu, up marginally on the day. Working natural gas in storage across the United States rose by 36 billion cubic feet in the week ending March 27 compared to previous week to reach 1,865 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On an annual level, the figure increased by 96 billion cubic feet. The stockpiles also rose by 54 billion cubic feet above the five-year average of 1,811 billion cubic feet. The total working gas was within the five-year historical range. This is capping the overall price action in the commodity even as WTI Crude oil continues to stay well above $110 per barrel mark on US-Iran war escalation. The MCX Natural Gas futures are trading at Rs 265.60 per mmbtu, down marginally on the day.

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