Natural Gas Hovers Near Seven Week High, EIA Reports 51 BCF Withdrawal In Gas Inventories

25 Mar 2022 , 02:31 PM

The US Natural Gas futures are holding steady around seven week high as markets eyed the US stockpiles data and volatile movement in broad energy complex. The US Storage fields withdrew 51 Bcf of Natural Gas for the week ended March 18, according to data released by the US Energy Information Administration (EIA) yesterday. After this data, the working gas inventories decreased to 1.389 Tcf. US storage volumes now stand 366 Bcf less than the year-ago level of 1.784 Tcf and 293 Bcf less than the five-year average of 1.744 Tcf. The benchmark futures edged up following this, adding to gains seen after a break above 5 per mmbtu. The counter currently quotes at $5.39 per mmbtu, down marginally on the day.

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