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Rising Inventories Cause Natural Gas Futures to Drop to 1 Month Low

Rising Inventories Cause Natural Gas Futures to Drop to 1 Month Low

Natural gas futures extended losses on Thursday, dropping to a one-month 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 June delivery traded at USD4.117 per million British thermal units during U.S. morning trade, tumbling 1.75%. 

It earlier fell as much as 2.15% to USD4.099 per million British thermal units, the lowest price since April 18.  

The contract traded at USD4.145 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 May 13 rose by 92 billion cubic feet, after increasing by 70 billion cubic feet in the preceding week. Analysts had expected U.S. natural gas storage to rise by 90 billion cubic feet.

Supplies climbed 76 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 91 billion cubic feet.

Total U.S. natural gas storage stood at 1.919 trillion cubic feet. Stocks were 235 billion cubic feet less than last year at this time and 36 billion cubic feet below the five-year average of 1.955 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 109 billion cubic feet below the five-year average, following net injections of 56 billion cubic feet.

Stocks in the Producing Region were 120 billion cubic feet above the five-year average of 744 billion cubic feet, after a net injection of 25 billion cubic feet.

In the West Region, stocks were 46 billion cubic feet below the five-year average after a net addition of 11 billion cubic feet. 

At 1.919 billion cubic feet, total working gas was within the five-year historical range.

Elsewhere, light sweet crude oil futures for delivery in July edged 0.1% higher to trade at USD100.27 a barrel, while heating oil for June delivery added 0.65% to trade at USD2.914 per gallon during U.S. morning trade.

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.




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