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Natural gas prices shoot up on bullish new supply figures

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Investing.com - Natural gas futures shot up on Thursday after the U.S. government reported that supplies fell more than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD3.191 per million British thermal units, up 2.51%.

The commodity hit a session low of USD3.108 and a high of USD3.209.

Despite repeated calls for warmer-than-normal temperatures across much of the U.S. by private and public-sector weather services that have kept prices down, natural gas prices found bullish steering currents on U.S. supply data.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Jan. 4 fell by 201 billion cubic feet, compared to expectations for a decline of 186 billion cubic feet.

Inventories fell by 95 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 149 billion cubic feet.

Total U.S. natural gas storage stood at 3.316 trillion cubic feet as of last week. Stocks were 88 billion cubic feet less than last year at this time and 320 billion cubic feet above the five-year average of 2.996 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 93 billion cubic feet above the five-year average, following net withdrawals of 113 billion cubic feet.

Stocks in the Producing Region were 156 billion cubic feet above the five-year average of 996 billion cubic feet, after a net withdrawal of 61billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were up 0.89% and trading at USD93.92 a barrel, while heating oil for February delivery were up 0.53% and trading at USD3.0536 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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