Natural Gas Futures Back Near Session Lows in Volatile Market After EIA Weekly Report Found Drop in Inventories


Natural gas prices are again back near their session lows Thursday, slipping back after a brief rally sparked by a government report that found inventories declined slightly more last week than industry experts were expecting.

Natural gas supplies declined last week, falling 107 billion cubic feet during the week ended Jan. 17 to 2.423 trillion cubic feet. That pulled supplies 19% below year-ago levels and 13.2% beneath the five-year average although the draw was significantly less than the record 169 billion cubic feet reported for the week ended Jan. 10.

Industry experts polled by Platts were expecting a draw of between 102 billion to 106 billion cubic feet for natural gas last week.

February natural gas (NGG14.NYM) was up nearly 8 cents in late morning trade at $4.69 per 1 million BTU, just a penny off its session low. The front-month contract rose to a session high of $4.95 in early morning trade only to slide back under $4.70 per 1 million BTU just before the 10:30 a.m. Energy Information Agency report.

Natural gas prices have been on tear in recent weeks, climbing nearly 25%, as extremely cold weather in many parts of the country drives up demand for the heating and cooking fuel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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