Natural Gas Slumps To Six Week Low

Natural Gas Slumps To Six Week Low

Sep 18, 2020 05:09 IST capital market

Natural Gas futures extended a massive slide today. Prices tanked more than 10% in last session on escalating worries about looming storage surpluses and a surge in supplies. The US Energy Information Administration reported Thursday that total supplies of natural gas rose by 89 billion cubic feet for the week ended September 11th. Total stocks now stand at 3.614 trillion cubic feet, up 535 billion cubic feet from a year ago, and 421 billion cubic feet above the five-year average. The benchmark Natural Gas futures plunged 3.18% to $1.97 per mmbtu with a slide under $3 per mmbtu triggering additional selling pressure. These are the lowest levels in last six weeks. MCX Natural Gas futures are trading at Rs 145.10 per mmbtu, down 3.72% on the day.

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