• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 7 mins Let’s Try This....
  • 9 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 15 mins Would bashing China solve all the problems of the United States
  • 9 hours New Aussie "big batteries"
  • 4 hours 60 mph electric mopeds
  • 14 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 5 hours China to Impose Dictatorship on Hong Kong
  • 5 hours Pompeo's Hong Kong
  • 10 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 1 day Nothing can shake AMLO’s fossil-fuel fixation
  • 9 hours Backlash Against Chinese
  • 1 day Iran's first oil tanker has arrived near Venezuela
Will Shale Giant Chesapeake Go Bankrupt?

Will Shale Giant Chesapeake Go Bankrupt?

U.S. shale gas pioneer Chesapeake…

Europe’s Gas Glut Could Hit Global LNG Market Hard

Europe’s Gas Glut Could Hit Global LNG Market Hard

Although LNG flows into Europe…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Premium Content

Natural Gas Futures Fall to Five Week Low

Natural gas futures extended losses on Thursday, tumbling to a five-week low after the U.S. Energy Information Administration said natural gas inventories rose more-than-expected last week.

On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.187 per million British thermal units during U.S. morning trade, tumbling 3.05%.  

It earlier fell as much as 3.7% to USD4.157 per million British thermal units, the lowest price since May 20.    

The July contract traded at USD4.263 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 June 17 rose by 98 billion cubic feet, after increasing by 69 billion cubic feet in the preceding week.

Analysts had expected U.S. natural gas storage to rise by 91 billion cubic feet.

Total U.S. natural gas storage stood at 2.354 trillion cubic feet. Stocks were 258 billion cubic feet less than last year at this time and 64 billion cubic feet below the five-year average of 2.418 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 126 billion cubic feet below the five-year average, following net injections of 64 billion cubic feet.

Stocks in the Producing Region were 109 billion cubic feet above the five-year average of 851 billion cubic feet, after a net injection of 16 billion cubic feet.

In the West Region, stocks were 47 billion cubic feet below the five-year average after a net addition of 18 billion cubic feet. 

At 2.354 trillion cubic feet, total working gas was within the five-year historical range.

Elsewhere, light sweet crude oil futures for delivery in August plunged 4.05% to trade at a four-month low of USD90.70 a barrel, while heating oil for July delivery plummeted 4.8% to trade at USD2.793 per gallon during U.S. morning trade.

Earlier in the day, after the International Energy Agency announced that it would release 60 million barrels of oil in response to loss of supplies from Libya, with the U.S. Department of Energy contributing 30 million barrels to the cause.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News