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As on: Sep 15, 2019 10:03 PM
Steady Gains In Natural Gas
17-May-19   17:57 Hrs IST
Natural Gas futures are trading with modest gains ahead of weekend as a recovery from one week low managed to sustain. Prices have already come off from a one month high this week. The counter currently trades at $2.65 per mmbtu, up 0.60% on the day. MCX Natural Gas futures are trading at Rs 186.70 per mmbtu, up 0.59% on the day. The commodity edged up yesterday amid steady undertone in equities despite a rise in US Natural Gas inventories. Working gas storage in the United States was 1,653 billion cubic feet in the week ending May 10, a net increase of 106 billion cubic feet, or around 6.85%, from the previous week, the US Energy Information Administration (EIA) said. The total working gas storage increased by 8.5% from this time last year and is 14.7% below the five-year average, but stays within the five-year historical range. The storage of working gas tends to increase in late April and continues to rise in early November when heating season starts in the country.

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