Natural Gas slumps more than 3% as elevated supplies outlook weighs on sentiments

Natural Gas futures slipped sharply today, giving up after a modest pullback in last week amid elevated supplies outlook. The Energy Information Administration (EIA) released its latest Natural Gas Storage report yesterday showing a large rise of 36 billion cubic feet in weekly inventory. This followed last week?s rise of 33 billion cubic feet. Working gas in storage was 3,153 Bcf as of Friday, August 7, 2026, according to EIA estimates. Stocks were 25 Bcf less than last year at this time but stand 198 Bcf above the five-year average of 2,955 Bcf. Markets also eyed steady climb in US gas rigs. The number of gas rigs rose by 4 to 128, latest weekly data from Baker Hughes showed. The total gas rig count is more by 6 compared to year ago levels. This weighed heavily on the counter today and it trades down 3.15% at $2.64 per mmbtu. Prices are near one-week low and not far from latest three-month low. MCX Natural Gas futures lost 3.79% at Rs 253.70 per mmbtu as prices slumped after giving up Rs 260 mark.

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