Forexpros - Natural gas futures extended losses on Thursday, tumbling 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 USD3.853 per million British thermal units during U.S. morning trade, tumbling 2.21%.
It earlier fell as much as 2.3% to trade at USD3.849 per million British thermal units, the lowest price since March 15.
The contract traded at USD3.952 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 12 rose by 50 billion cubic feet, after increasing by 25 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 49 billion cubic feet.
Total U.S. natural gas storage stood at 2.833 trillion cubic feet. Stocks were 175 billion cubic feet less than last year at this time and 73 billion cubic feet below the five-year average of 2.906 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 120 billion cubic feet below the five-year average, following net injections of 48 billion cubic feet.
Stocks in the Producing Region were 50 billion cubic feet above the five-year average of 903 billion cubic feet, after a net withdrawal of 8 billion cubic feet.
In the West Region, stocks were 3 billion cubic feet below the five-year average after a net addition of 10 billion cubic feet.
At 2.833 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 October plunged 5.18% to trade at USD83.08 a barrel, while heating oil for September delivery fell 2.6% to trade at USD2.889 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.
