Natural Gas near three-week high, market eyes US storage data

Natural gas futures stayed well supported as US weather forecasts turned hotter, potentially boosting gas demand from electricity providers to power air-conditioning. The benchmark futures are trading up 2.20% at $3.33 per mmbtu, holding around three-week high. Prices had slipped near one and half week low before this bounce. Supply concerns also remain in place at the US rig count at around 122 is holding near five-month low. Gas market will be keenly eying the weekly US storage data to be released by the US EIA tonight. MCX Natural Gas is up 2.27% at Rs 315 per kg.

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