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Budget News

  • Natural Gas Slides Under $4 Mark After EIA Reports Increase In US Inventories
  • July 30,2021  15:53
  • The US Natural Gas futures slipped sharply today as two and half year highs continued to trigger selling pressure in the commodity. The US Energy Information Administration (EIA) also stated yesterday that working gas in storage was 2,714 Bcf as of Friday, July 23, 2021, marking a net increase of 36 Bcf from the previous week. Stocks were 523 Bcf less than last year at this time and 168 Bcf below the five-year average of 2,882 Bcf. However, at 2,714 Bcf, total working gas is within the five-year historical range. The benchmark US Natural Gas futures fell following this and broke under the key $4 per mmbtu mark. The counter currently trades down 1.6% at $3.99 per mmbtu. MCX Natural Gas is also trading down 1.30% at Rs 298 per mmbtu.

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