Investing.com - Natural gas price carried Thursday's losses into
Friday after official data revealed the stockpiles in the U.S. rose
more than expected last week.
In the New York Mercantile Exchange, natural gas futures for
delivery in July traded at USD3.785 per million British thermal
units, down 2.39%.
The commodity hit a session low of USD3.767 and a high of USD3.904.
The U.S. Energy Information Administration said in its weekly
report on Thursday that natural gas storage in the U.S. in the week
ended June 14 rose by 91 billion cubic feet, above market
expectations for an increase of 90 billion.
Inventories rose by 63 billion cubic feet in the same week a year
earlier, while the five-year average change for the week is a rise
of 80 billion cubic feet.
Total U.S. natural gas storage stood at 2.438 trillion cubic feet
as of last week. Stocks were 559 billion cubic feet less than last
year at this time and 47 billion cubic feet below the five-year
average of 2.485 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 94 billion
cubic feet below the five-year average, following net injections of
60 billion cubic feet.
Stocks in the Producing Region were 3 billion cubic feet above the
five-year average of 930 billion cubic feet after a net injection
of 20 billion cubic feet.
Investors avoided the commodity despite weather reports pointing to
above-normal temperatures settling in for much of the lower 48 U.S.
states for the rest of June.
Hotter temperatures send prices rising on sentiments that demand
for natural gas will increase at the country's thermal power plants
as businesses and households crank up their air conditioning.
Natural gas accounts for about a quarter of U.S. electricity
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in August were down 1.37% and trading at USD93.84 a barrel, while
heating oil futures for July delivery were down 0.87% at USD2.8473
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