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Natural gas futures plunge to 5-month low after U.S. supply data

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Forexpros - Natural gas futures extended losses on Thursday, plunging to a five-month low after a report from the U.S. Energy Information Administration showed that natural gas inventories rose more-than-expected last week.

On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD3.965 per million British thermal units during U.S. morning trade, plunging 3.1%.

It earlier fell as much as 3.3% to trade at USD3.957 per million British thermal units, the lowest price since March 17.

The contract traded at USD4.070 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 July 29 rose by 44 billion cubic feet, after increasing by 43 billion cubic feet in the preceding week.

Analysts had expected U.S. natural gas storage to rise by 39 billion cubic feet.

Stockpiles advanced by 29 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 47 billion cubic feet.

Total U.S. natural gas storage stood at 2.758 trillion cubic feet. Stocks were 186 billion cubic feet less than last year at this time and 68 billion cubic feet below the five-year average of 2.826 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 42 billion cubic feet.

Stocks in the Producing Region were 69 billion cubic feet above the five-year average of 913 billion cubic feet, after a net withdrawal of 5 billion cubic feet.

In the West Region, stocks were 13 billion cubic feet below the five-year average after a net addition of 7 billion cubic feet.

At 2.758 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 sank 1.75% to trade at USD90.35 a barrel, while heating oil for September delivery tumbled 1.25% to trade at USD2.987 per gallon.

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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.

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