Natural Gas Spikes More Than A Percent On MCX

Natural Gas futures edged up today, witnessing good buying though the overall demand for the commodity is expected to be rather tepid in coming weeks. Prices fell yesterday after the US Energy Information Administration (EIA) reported that US natural gas stockpiles increased by 96 billion cubic feet for the week ending June 8. The five-year average for the week is an injection of 91 billion cubic feet and last years storage increase for the week totaled 78 billion cubic feet. Natural gas inventories rose by 92 billion cubic feet in the week ending June 1. The EIAs 96 Bcf injection has lifted storage inventories to 1,913 Bcf, 785 Bcf less than last year at this time and 507 Bcf below the five-year average of 2,420 Bcf. Total U.S. stockpiles rose week over week to 29.1%, below last years level and are now 21% under the five-year average. Demand conditions are likely to remain mild and the commodity might not be able to extend the current gains. The Natural Gas futures are currently trading at $ 2.99 per mmbtu, up 0.84% on the day. MCX Natural Gas futures are also trading higher, quoting at Rs 203.40 per mmbtu, up 1.20% on the day.