Forexpros - Natural gas futures erased losses on Thursday, climbing above the psychologically important USD4.00 level after a report from the U.S. Energy Information Administration showed that natural gas inventories rose less-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD4.090 per million British thermal units during U.S. morning trade, surging 2.2%.
It earlier rose as much as 2.7% to trade at USD4.115 per million British thermal units, the highest price since August 3.
The contract traded at USD3.963 prior to the release of the EIA data.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended August 5 rose by 25 billion cubic feet, after increasing by 44 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 33 billion cubic feet.
Stockpiles advanced by 36 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 37 billion cubic feet.
Total U.S. natural gas storage stood at 2.783 trillion cubic feet. Stocks were 197 billion cubic feet less than last year at this time and 80 billion cubic feet below the five-year average of 2.863 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 124 billion cubic feet below the five-year average, following net injections of 38 billion cubic feet.
Stocks in the Producing Region were 53 billion cubic feet above the five-year average of 908 billion cubic feet, after a net withdrawal of 21 billion cubic feet.
In the West Region, stocks were 9 billion cubic feet below the five-year average after a net addition of 8 billion cubic feet.
At 2.783 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in September jumped 2.52% to trade at USD83.72 a barrel, while heating oil for September delivery advanced 1.16% to trade at USD2.878 per gallon.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
