Natural Gas succumbs to selling as US storage rises 103 BCF

US natural gas futures fell today, adding to heavy losses in last session as markets eyed rising US inventories and lax risk appetite. The benchmark futures are lingering around lowest since October 2024 at $2.72 per mmbtu, down 1.34% on the day. It lost nearly 4% in last session as US natural gas inventories rose 103 Bcf to 2,063 Bcf in the week ending April 17. Against the five-year average, total gas inventories moved to a surplus of 137 Bcf compared to a surplus of 98 Bcf last week. The five-year average rose 64 Bcf in the survey week. This week?s injection put inventories 142 Bcf above year ago levels, compared to 116 Bcf above them last week. Gas prices are choppy recently amid volatile oil prices. Prices are also being kept under check due to warmer US weather outlook. MCX Natural Gas futures are down 0.78% at Rs 243 per mmbtu after testing lows around Rs 240 mark.

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