Mumbai, 26 April (CommoditiesControl): U.S. natural gas spot prices experienced a notable uptick at major pricing hubs, with the benchmark Henry Hub spot price rising by US$0.09 to reach US$1.50 per million British thermal units (MMBtu), according to the latest update from the U.S. Energy Information Administration. International natural gas futures showed mixed trends, with LNG cargo prices in East Asia climbing by US$0.32 to US$10.51/MMBtu, while futures at the Title Transfer Facility in Europe dipped by US$0.35 to $9.38/MMBtu, based on Bloomberg Finance data.
The surge in U.S. natural gas supply, up by 1% from the previous week, was primarily propelled by increased dry natural gas production and net imports from Canada, as highlighted by the EIA report referencing data from S&P Global Commodity Insights. Moreover, robust demand drove a notable 7.3% increase in U.S. natural gas consumption, with residential and commercial sector usage spiking by 38% due to cooler weather conditions.
Meanwhile, net injections into gas storage totaled 92 billion cubic feet (Bcf) for the week ended April 19, leading to a cumulative working gas stocks of 2,425 Bcf. This surpassed the five-year average by 655 Bcf and the year-ago period by 439 Bcf, indicating a substantial surplus in gas inventories.
In line with these developments, MCX natural gas prices surged by 22.46% from their previous close, currently trading at 165.2, with an intraday high of 167.2. The significant price movement reflects the evolving dynamics in both domestic and international natural gas markets, driven by shifts in supply, demand, and storage levels.
(By Commoditiescontrol Bureau; +91-9820130172)