Energy Preview: Heavy Losses In Natural Gas

Energy Preview: Heavy Losses In Natural Gas

Oct 22, 2019 08:10 IST capital market

Natural Gas futures extended losses and fell near one week low. Prices slipped after the US EIA noted last week that working natural gas stocks in the Lower 48 states totaled 3,519 billion cubic feet (Bcf) for the week ending October 11, 2019, 14 Bcf more than the previous five-year average. Last week was the first time that Lower 48 states working gas stocks exceeded the five-year average since September 22, 2017. This deficit to the five-year average has been shrinking since mid-March, when it reached 556 Bcf. Weekly EIA estimates of Lower 48 net injections since then have surpassed the five-year average net injections in 26 of 29 weeks since March 15, 2019. The commodity currently trades at $2.24 per mmbtu, flat on the day after dropping around 3% yeterday. MCX Natural Gas futures ended at Rs 158.50 per mmbtu, down 3.80% on the day.

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