Natural Gas Jumps From Two And Half Week Low As US Inventories See Sharp Fall

21 Jan 2022 , 03:50 PM

Natural Gas futures soared today as a slide in the US stockpiles clubbed with generally supportive demand trends owing to frigid temperature boosted sentiments. The commodity had tanked to a near two and half week low in last session but firmed up today even as equities stayed under stress. The US Natural Gas futures are trading at $3.92 per mmbtu, up 3.34% on the day. MCX Natural Gas is trading at Rs 282.70 per mmbtu, up 2.24% on the day.

US natural gas inventory fell by more than 200 Bcf during the second week of 2022. Storage fields withdrew 206 Bcf for the week ended January 14, according to data released by the US Energy Information Administration (EIA) yesterday. The drawdown comfortably beat five-year average of 167 Bcf and last years 179 Bcf pull in the corresponding week. Working gas inventories decreased to 2.810 Tcf. US storage volumes now stand 226 Bcf, or 7.4%, less than the year-ago level of 3.036 Tcf and 33 Bcf, or 1%, more than the five-year average of 2.777 Tcf.

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