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As on: Jan 26, 2021 02:04 AM
Natural Gas Jumps 1%, EIA Expects Higher Prices This Year
14-Jan-21   16:08 Hrs IST
The Natural Gas futures edged up today after moderating in last few days. The benchmark futures slipped from a one month high of $2.89 per mmbtu earlier in this week but are witnessing some buying now. In its January 2021 Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecasts that the annual natural gas spot price at the Henry Hub will rise 0.98 cents per mmbtu to average $3.01 per mmbtu in 2021. EIA expects higher natural gas prices will prompt dry natural gas production to increase in the second half of 2021, after reaching a monthly low of 87.3 billion cubic feet per day (Bcf/d) in March 2021. The commodity also eyed firm moves in crude oil futures and broadly supportive equities. The commodity currently trades at $2.76 per mmbtu, up 1.36% on the day. MCX Natural Gas futures are currently trading at Rs 201.90 per mmbtu, up 0.80% on the day.

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