MCX Natural Gas up more than 1% on firm global cues

The US Natural Gas futures stayed supported amid firm Crude oil prices. The commodity has been in a tight range recently amid elevated US storage levels. 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. 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 $2.88 per mmbtu, up 0.80% on the day. MCX Natural Gas futures are trading at Rs 277.90 per mmbtu, up 1.20% on the day after falling near Rs 275 mark in early moves today.

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