Natural Gas holds around $3 mark

Natural Gas futures are hovering around six-week highs near $3 per mmbtu mark as firm demand and a highly upbeat action in Crude oil prices is supporting the energy complex. The commodity is currently trading at $2.95 per mmbtu, up 1.70% on the day. MCX Natural Gas futures are trading at Rs 281.20 per mmbtu, up 1.44% on the day. The counter soared around 7% last month, witnessing steady support around two-year low. Meanwhile, last week, 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.

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