MCX Natural Gas Futures Prices Above 161 Buy Buy 500—1000 Lots, Rona Mana Hai – MCX Ko Loot Lo – Neal Bhai
Natural Gas on MCX settled up 1.19% at 161.4 following the release of a federal report that showed a slightly smaller than expected weekly storage build. The U.S. Energy Information Administration (EIA) said utilities added 98 billion cubic feet (bcf) of gas to inventories during the week ended June 21.
That fell a little short of the 101 bcf build analysts forecast in a Reuters poll and compares with an increase of 71 bcf during the same week last year and a five-year (2014-18) average addition of 70 bcf for the period.
Natural Gas Yesterday Call : Natural Gas MCX CMP 161.00 Buy 100—500 Lots, Big Target – Neal Bhai Reports
It was the first increase below 100 bcf in seven weeks. The addition for the week of June 21 boosted stockpiles to 2.301 trillion cubic feet (tcf), 6.9% below the five-year average of 2.472 tcf for this time of year.
Before a couple of increases this week, prices dropped as near-record production and moderate weather this spring have allowed utilities to inject huge amounts of gas into stockpiles, shrinking a massive storage deficit and removing any lingering concerns about shortages next winter. The amount of gas in storage has remained below the five-year average since September 2017.