Natural Gas rises modestly, EIA reports 63 BCF rise in US gas inventories

Natural Gas futures edged up yesterday, rebounding from a one-week low as crude oil prices rose in volatile trades. Overall demand scenario is lax for Natural Gas and gains were limited. Working natural gas in storage across the United States decreased by 63 billion cubic feet (Bcf) in the week ending May 1, compared to the previous seven-day period, to stand at 2,205 Bcf, the Energy Information Administration (EIA) revealed in its report on Thursday. On an annual basis, the natural gas stockpiles climbed by 75 billion cubic feet and the figure was 139 billion cubic feet above the five-year average of 2,066 billion cubic feet. The total working gas was within the five-year historical range. US Natural Gas futures are trading at $2.81 per mmbtu, up 0.50% on the day. On the MCX, Natural Gas futures are trading at Rs 266.40 per mmbtu, up 1% on the day after rising above Rs 267 per mmbtu.

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