Natural Gas near seven-month low, EIA reports 50 BCF increase in US storage

Natural Gas futures slumped yesterday amid sustained selling pressure. The U.S. Energy Information Administration (EIA) reported a 50 billion cubic feet (bcf) injection into storage for the week ended April 3. Stocks were 89 Bcf higher than last year at this time and 87 Bcf above the five-year average of 1,824 Bcf. At 1,911 Bcf, total working gas is within the five-year historical range. The commodity tanked around 2% yesterday and currently trades down marginally at $2.67 per mmbtu. These are the lowest levels in last seven-months for the commodity. MCX Natural Gas futures are trading at Rs 250.70 per mmbtu, almost unchanged on the day amid sideways movement.

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