Investing.com - Natural gas prices jumped up in U.S. trading on
Thursday after official data showed supplies rose less than
expected last week.
On the New York Mercantile Exchange, natural gas futures for
delivery in June traded at USD4.241 per million British thermal
units, up 1.30%.
The commodity hit a session low of USD4.161 and a high of USD4.251.
The U.S. Energy Information Administration said in its weekly
report that natural gas storage in the U.S. in the week ending May
17 rose by 89 billion cubic feet, below expectations for an
increase of 91 billion cubic feet, which reflected heightened
Inventories rose by 75 billion cubic feet in the same week a year
earlier, while the five-year average change for the week is a rise
of 90 billion cubic feet.
Total U.S. natural gas storage stood at 2.053 trillion cubic feet
as of last week. Stocks were 680 billion cubic feet less than last
year at this time and 84 billion cubic feet below the five-year
average of 2.137 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 111 billion
cubic feet below the five-year average, following net injections of
46 billion cubic feet.
Stocks in the Producing Region were 22 billion cubic feet below the
five-year average of 850 billion cubic feet after a net injection
of 32 billion cubic feet.
Weather forecasting models, meanwhile, pointed to a longer-term
warming trend for much of the U.S., which supported prices as well.
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.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in July were down 1.11% and trading at USD93.23 a barrel, while
heating oil futures for June delivery were down 0.92% at USD2.8471
offers an extensive set of professional tools for the Forex,
Commodities, Futures and the Stock Market including real-time data
streaming, a comprehensive economic calendar, as well as financial
news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @