MTECHTIPS:- Natural Gas Extends Sideways Trading Post Weekly EIA Report

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MTECHTIPS:- Natural Gas Extends Sideways Trading Post Weekly EIA Report

MTECHTIPS- Natural Gas futures edged up but the overall trading remains sideways. The US Energy Information Administration (EIA) noted in a weekly update yesterday that working gas in storage was 1,354 Bcf as of March 30, 2018. This represents a net decrease of 29 Bcf from the previous week. Stocks were 697 Bcf less than last year at this time and 347 Bcf below the five-year average of 1,701 Bcf. At 1,354 Bcf, total working gas is within the five-year historical range. However, in a footnote, the agency said the implied flow for the week was actually a withdrawal of 20 Bcf, with “non flow-related adjustments” accounting for a 9 Bcf decrease in inventories in the South Central Non salt region for the period. The 20 Bcf implied withdrawal compares with a 4 Bcf pull in the year-ago period, while the five-year average is a withdrawal of 28 Bcf. Last week, EIA reported a 63 Bcf withdrawal for the week ended March 23. The overall trading remains choppy for the commodity and yesterday’s data failed to produce any major break on either direction. The commodity is currently trading at $2.965 per mmbtu, up 0.75% on the day. MCX Natural Gas futures are currently trading at Rs 175.60 per mmbtu, up 1.27% on the day

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