(25 Apr 2025, 15:10)

Natural Gas slumps to five month low, US storage up 88 BCF

Natural Gas futures slumped yesterday, adding to recent losses. The commodity tested a five month low following a sharp build in weekly US gas supplies. Energy Information Administration of EIA stated yesterday that the US natural gas inventories rose 88 billion cubic feet or bcf for the week ended April 18, marking a much higher rise compared to five-year average for this time of year of 58 bcf. However, at, 1934 BCF, the US natural gas inventories were down 20.2% y/y and are 2.3% below their 5-year seasonal average. This could cap the prices after a near 25% correction in the commodity this month. Natural Gas futures are currently trading at $3.08 per mmbtu, down 0.29% on the day. On the MCX, the benchmark Natural Gas futures are quoting at Rs 264.80 per mmbtu, up 0.49% on the day but are off their day’s highs near Rs 267 per mmbtu.

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Natural Gas slumps to five month low, US storage up 88 BCF