Natural Gas Tumbles To One Week Low

Natural Gas Tumbles To One Week Low

Jun 18, 2021 02:06 IST capital market

The US Natural Gas futures are trading with heavy losses today as commodities came under heavy pressure on firm US dollar. The US Energy Information Administration reported a 16 Bcf net injection to inventories for the week ended June 11. Storage inventories increased by an implied flow of 67 Bcf for the week ended June 11, according to EIA data released June 17. However, due to the 51 Bcf reclassification in Pacific Gas & Electrics storage system in California, the net change resulted in a 16 Bcf injection for the week. This is well below the five-year average of 87 Bcf. Storage volumes now stand 453 Bcf, or 16%, less than the year-ago level of 2.88 Tcf and 126 Bcf, or 5%, less than the five-year average of 2.553 Tcf. While the inventories data offered mixed cues for the prices, the overall sentiments were hurt following deep losses in commodities like crude oil and metals. The US Natural Gas futures are currently trading down 2.49% at $3.17 per mmbtu- their lowest in last one week. MCX Natural Gas futures are also down 2.25% at Rs 234.90 per mmbtu.

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