Natural Gas Falters Around 3% On Comfortable US Supplies

14 Jan 2022 , 04:14 PM

Natural Gas futures scaled back after heavy gains earlier in the week as rising US supplies weighed on the market. The EIA on Thursday said US supplies of natural gas fell by 179 billion cubic feet for the week ended January 7. Total stocks, however, now stand at 3.016 trillion cubic feet, 72 billion cubic feet above the five-year average. This pulled the commodity lower after a frantic surge earlier in the week took the counter to a five week high near $4.90 per mmbtu. Some corrective pressure has been seen in the commodity thereafter and the counter fell nearly 3% today to trade at $4.15 per mmbtu. MCX Natural Gas futures are also down 3.70% at Rs 308.30 per kg.

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