US Natural Gas futures drop from seven-week high

US Natural Gas futures fell yesterday from a seven-week high amid a rise in US inventories. Working natural gas in storage across the US rose by 30 billion cubic feet (Bcf) in the week ending August 28, compared to the previous seven-day period, to reach 3,214 Bcf, the Energy Information Administration (EIA) reported today. On an annual basis, the natural gas stockpiles dipped by 50 billion cubic feet. Meanwhile, the figure was 160 billion cubic feet above the five-year average of 3,054 billion cubic feet. The total working gas was within the five-year historical range. The commodity dipped 1.50% in last session and currently quotes at $2.92 per mmbtu, up 0.34% on the day.

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