Futures Pros – Natural gas futures extended losses on Thursday, tumbling to a four-day 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 USD4.296 per million British thermal units during U.S. morning trade, tumbling 2.7%.
It earlier fell as much as 3.4% to USD4.264 per million British thermal units, the lowest price since May 20.
The contract traded at USD4.325 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 20 rose by 105 billion cubic feet, after increasing by 92 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 93 billion cubic feet.
Supplies climbed by 100 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 95 billion cubic feet.
Total U.S. natural gas storage stood at 2.024 trillion cubic feet. Stocks were 230 billion cubic feet less than last year at this time and 26 billion cubic feet below the five-year average of 2.050 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 110 billion cubic feet below the five-year average, following net injections of 56 billion cubic feet.
Stocks in the Producing Region were 133 billion cubic feet above the five-year average of 769 billion cubic feet, after a net injection of 38 billion cubic feet.
In the West Region, stocks were 49 billion cubic feet below the five-year average after a net addition of 11 billion cubic feet.
At 2.024 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July tumbled 1% to trade at USD100.05 a barrel, while heating oil for July delivery shed 0.24% to trade at USD2.984 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.296 per million British thermal units during U.S. morning trade, tumbling 2.7%.
It earlier fell as much as 3.4% to USD4.264 per million British thermal units, the lowest price since May 20.
The contract traded at USD4.325 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 20 rose by 105 billion cubic feet, after increasing by 92 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 93 billion cubic feet.
Supplies climbed by 100 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 95 billion cubic feet.
Total U.S. natural gas storage stood at 2.024 trillion cubic feet. Stocks were 230 billion cubic feet less than last year at this time and 26 billion cubic feet below the five-year average of 2.050 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 110 billion cubic feet below the five-year average, following net injections of 56 billion cubic feet.
Stocks in the Producing Region were 133 billion cubic feet above the five-year average of 769 billion cubic feet, after a net injection of 38 billion cubic feet.
In the West Region, stocks were 49 billion cubic feet below the five-year average after a net addition of 11 billion cubic feet.
At 2.024 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July tumbled 1% to trade at USD100.05 a barrel, while heating oil for July delivery shed 0.24% to trade at USD2.984 per gallon during U.S. morning trade.