Natural Gas Prices Slip Amid Ample Supply and Strong Heat Expectations
Natural gas prices in India slipped by 3.58% on Monday as traders weighed strong heat expectations against ample supply.
The price of Natural Gas settled at Rs 261.1, down from its previous session's high.
This decline comes despite the fact that US utilities added only 16 billion cubic feet of gas to storage in the week ended August 14, below market expectations of 19 bcf.
Inventories stood at 3.169 trillion cubic feet, 0.9% below last year and around 6.2% above the five-year average.
The Energy Information Administration data also showed that record output and mild spring weather have kept inventories above the five-year average since March.
Average US Lower 48 gas output reached a record 111.4 bcfd so far in August, exceeding July's monthly record of 110.7 bcfd.