Natural Gas Slips, MCX Futures Under Rs 200 Mark

US Natural Gas futures edged up last night after the release of the US weekly storage data but flipped back after nearing $ 3 per mmbtu levels. The US Energy Information Administration (EIA) reported that US natural gas stocks increased by 96 billion cubic feet for the week ending May 25. The five-year average for the week is an injection of 97 billion cubic feet, and last years storage increase for the week totaled 81 billion cubic feet. Natural gas inventories rose by 91 billion cubic feet in the week ending May 18. Total US stockpiles rose week over week to 31.4% below last years level and are now 22.5% below the five-year average. However, the prices have already come off their best levels for the year this week and the commodity is witnessing mild profit selling. Natural Gas futures are quoting at $ 2.95 per mmbtu, down marginally on the day. MCX Natural Gas futures are trading at Rs 198.30 per mmbtu, down 0.60% on the day. The US natural gas demand is seen weak over coming days as warm to hot temperatures continue over the central and southern United States. Warm weather is also expected forecast for the South and Southwest in coming days.