Natural Gas at one-week low amid further rise in US storage

Natural gas futures turned lower today amid a corrective undertone in crude oil prices and warmer weather outlook. The Energy Information Administration (EIA) has released its latest report on natural gas storage, revealing an increase in inventories. The actual rise in natural gas storage was reported at 44 billion cubic feet following previous week?s increase of 40 billion cubic feet. Stocks were 122 Bcf less than last year at this time but 118 Bcf above the five-year average of 3,180 Bcf. At 3,298 Bcf, total working gas is within the five-year historical range. The commodity fell 1.50% to trade at $2.85 per mmbtu. MCX Natural Gas futures are also down 1.54% at Rs 274.90 per mmbtu and are moving in a very thin range so far.

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