Global Natural Gas Futures Off Two Week High

Global Natural Gas Futures Off Two Week High

Nov 27, 2020 11:11 IST capital market

Natural Gas futures are trading lower today as global markets saw thin movement amid US Thanksgiving Day Holidays and selling pressure stayed intact in the commodity after prices tested a two week high yesterday. Natural Gas futures had edged up after the US Energy Information Administration (EIA) on Wednesday reported a withdrawal of 18 Bcf from natural gas storage for the week ended November 20th.

Working gas storage in the contiguous United States was 3,940 billion cubic feet. The total working gas storage increased by 8.9% from this time last year, or 6.8% above the five-year average, according to the EIAs Weekly Natural Gas Storage Report.

Prices failed to hold onto rallies though as crude oil corrected and Natural Gas futures are currently trading at $2.92 per mmbtu, down 1.22% on the day. MCX Natural Gas futures are currently trading at Rs 217.20 per mmbtu, up marginally on the day but have eased from highs above Rs 219 mark in intraday moves.

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