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Natural gas prices eased from more than one month high

Henry hub Natural gas prices slipped in the previous week by tracking European gas as Russian supplies remained stable. Meanwhile, returning to normal weather in America and Europe also weighed the prices in previous week. However, broad sentiments continue to be positive on concerns over the risk of Russian supply disruption on the geopolitical tension after the Moscow’s invasion of Ukraine. Russia, the world's second biggest gas producer, provides 30% to 40% or Europe’s gas requirement. Which totaled about 16.3 billion cubic feed per day (bcfd) in 2021. While, US banned imports of Russian oil and natural gas in an attempt to put further pressure on Moscow and pledged to ramp up LNG exports to Europe for reducing it’s dependence on Russian gas. The European commission also disclosed plans last week to replace Russian gas with alternative supplies of 60 billion cubic meters (bcm), most of which would come from LNG exports. While LNG inventories are falling in Asian countries like Japan and South Korea, which would lead to restocking, but higher spot prices resistant countries to make fresh deals. NYMEX Natural gas prices slipped near by 6 percent in previous week after claiming above 5 per MMBtu, while MCX natural gas front month contract eased more than 3 percent and finally settled at Rs 364.4/MMBtu

U.S. Natural gas prices is expected remain steady..

The U.S. Energy Information Administration (EIA) projected U.S. gas production will rise from a record 93.6 bcf per day in 2021 to 96.7 bcf per day in 2022 and 99.2 bcf per day in 2023.

UK that it had taken decision to phase out oil imports from Russia by the end of 2022.

U.S. energy firms this week added oil and natural gas rigs for the ninth time in 10 weeks.

U.S. Natural Gas storage fields post another large withdrawal last week

The U.S. Energy Information Administration (EIA)S natural gas inventories tumbled well above average levels once again as the heating season enters before summer injections begin. Storage fields withdrew 124 Bcf for the week ended March 4, according to data released by the US Energy Information Administration on March 10

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