Natural Gas edges up modestly after testing three-month low

The US Natural Gas futures are up modestly but elevated US storage levels are capping the gains. The commodity had eased near three-month low this week following a break under $3 per mmbtu. Volatile crude oil prices are making the whole sentiments jittery. Working natural gas in storage across the United States increased by 43 billion cubic feet (Bcf) in the week ending July 10, compared to the previous seven-day period, to reach 3,024 Bcf, the Energy Information Administration (EIA) stated yesterday. On an annual basis, the natural gas stockpiles dropped by 21 billion cubic feet. This was 181 billion cubic feet above the five-year average of 2,843 billion cubic feet. The total working gas is within the five-year historical range. The commodity currently trades at $2.86 per mmbtu, up 0.42% on the day. MCX Natural Gas futures are trading at Rs 277.30 per mmbtu, up 0.87% on the day.

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