Hot Commodities: Natural Gas sinks to seven-month low, US storage gains 61 BCF

Natural Gas futures slumped yesterday as markets eyed elevated US supplies. The United States Energy Information Administration (EIA) reported a natural gas storage change of 61 billion cubic feet (Bcf) for the week ending July 3. Working gas in storage across the United States was 2,983 BCF. In annual terms, this figure shows a decline of 15 billion cubic feet. At the same time, the storage stood 185 billion cubic feet above the five-year average of 2,798 billion cubic feet. The working gas storage remained within the five-year historical range. The US Natural Gas slipped heavily amid weakness in oil prices and broke under $3 per mmbtu mark. The counter is currently trading at $2.97 per mmbtu, down 1.23% on the day and is hovering around seven-week low. MCX Natural Gas futures are trading at Rs 285.40 per mmbtu, down 0.80% on the day.

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