Natural Gas Dropped As Gas Storage Levels In US Are 37% Higher This Time Of Year.
Natural gas prices faced a decline of -1.87% yesterday, settling at 141.9 rupees, primarily driven by concerns over elevated gas storage levels in the US. Despite a larger-than-expected withdrawal reported in the week ending March 8th, gas storage remains 37% higher than the average for this time of year. The ongoing repairs at the Freeport LNG terminal, expected to continue until April, are further contributing to the surplus supply within the domestic market. Adding to the supply-side dynamics, the Energy Information Administration (EIA) anticipates a slight decline in natural gas production for the remainder of the year, influenced by lower prices.
