Natural Gas extends downtick, US gas storage up 108 BCF

Natural Gas futures tested around two-week low as rising US inventories and deep losses in crude oil weighed on the counter. Working natural gas in storage across the United States increased by 108 billion cubic feet in the week ending June 5, compared to the previous 7-day period, and stood at 2,686 Bcf, the Energy Information Administration (EIA) said in its report on Thursday. Annually, natural gas reserves decreased by 5 Bcf. At the same time. The figure was 151 Bcf above the five-year average of 2,535 Bcf. Total working gas remained within the five-year historical range. Natural Gas futures are down 1% at $3.05 per mmbtu. MCX Natural Gas futures are down 1.22% at Rs 291 per mmbtu as a slide under Rs 300 per mmbtu mark stayed in place.

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