Natural Gas near three-month low amid elevated US storage data

The US Natural Gas futures are trading marginally higher today but overall undertone remains lax after recent decline in the commodity. Futures fell around 2% yesterday to test fresh three-month low and currently trade at $2.65 per mmbtu, up 0.19% on the day. Prices are down around 3.70% this month after a near 16% slide in last month. Yesterday?s correction came amid elevated inventories. The Energy Information Administration (EIA) has stated in a latest weekly update that the US Natural Gas that storage levels have increased significantly. According to the EIA, natural gas inventories rose by 33 billion cubic feet or BCF over the past week. Working gas in storage across the United States stood at 3,117 billion cubic feet in the week ending July 31. On an annual level, the figure declined by 12 billion cubic feet. Additionally, the stockpiles increased by 195 billion cubic feet above the five-year average of 2,922 billion cubic feet. On MCX, Natural Gas futures are down 0.32% at Rs 252 per mmbtu.

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