Natural Gas off six-week high, US storage up around 17% on year

Natural Gas futures extended winning streak and hit around six-week highs near $3 per mmbtu mark as firm demand trends are boosting sentiments. The US Energy Information Administration (EIA) reported a natural gas storage injection of 15 billion cubic feet (Bcf) for the week ending August 21. This followed previous week?s injection of 18 Bcf and a five-year average build of 33 Bcf for this time of year. Working gas in storage stood at 2,889 Bcf as of August 21, which is 17.6% higher than the same period last year and 8.2% above the five-year average. This data curbed the upside a bit and the counter is currently trading at $2.91 per mmbtu, down 0.17% on the day. MCX Natural Gas futures are trading at Rs 279.20 per mmbtu, down 1.55% on the day. The counter soared around 2% in last session.

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