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Natural gas futures turn lower after U.S. supply data

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Investing.com - Natural gas futures pulled back from 18-month highs on Thursday despite a report from the U.S. Energy Information Administration showing that natural gas inventories fell more-than-expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD4.041 per million British thermal units during U.S. morning trade, dropping 0.66%.

Natural gas futures rose to 18-month highs of USD4.120 earlier in the session.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 22 fell by 95 billion cubic feet, compared to expectations for a drop of 87Bcf.

Total U.S. natural gas storage stood at 1,781 trillion cubic feet as of last week. Stocks were 642Bcf less than last year at this time and 61Bcf above the five-year average of 1.720 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 41Bcf below the five-year average, following net withdrawals of 73Bcf.

Stocks in the Producing Region were 30Bcf above the five-year average of 707Bcf after a net withdrawal of 17Bcf.

Gas prices have rallied in recent sessions as unseasonably cold spring weather boosted demand for the home heating fuel. The increase in demand has raised expectations that a glut in natural gas inventory levels could be reduced.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May inched up 0.04% to trade at USD96.62 a barrel, while heating oil for May delivery was down 0.16% to USD3.0320 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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