Investing.com – Natural gas futures tumbled on Thursday, falling to a three-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 USD4.476 per million British thermal units during U.S. morning trade, tumbling 2.37%.
It fell as much as 2.63% to USD4.464 per million British thermal units, the lowest price since May 27.
The contract traded at USD4.562 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 10 rose by 69 billion cubic feet, after increasing by 80 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 67 billion cubic feet.
The five-year average change for the week is an increase of 87 billion cubic feet.
Total U.S. natural gas storage stood at 2.256 trillion cubic feet. Stocks were 275 billion cubic feet less than last year at this time and 76 billion cubic feet below the five-year average of 2.332 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 133 billion cubic feet below the five-year average, following net injections of 48 billion cubic feet.
Stocks in the Producing Region were 109 billion cubic feet above the five-year average of 835 billion cubic feet, after a net injection of 6 billion cubic feet.
In the West Region, stocks were 52 billion cubic feet below the five-year average after a net addition of 15 billion cubic feet.
At 2.256 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July dipped 0.27% to trade at USD94.98 a barrel, while heating oil for July delivery edged 0.16% lower to trade at USD2.999 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.476 per million British thermal units during U.S. morning trade, tumbling 2.37%.
It fell as much as 2.63% to USD4.464 per million British thermal units, the lowest price since May 27.
The contract traded at USD4.562 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 10 rose by 69 billion cubic feet, after increasing by 80 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 67 billion cubic feet.
The five-year average change for the week is an increase of 87 billion cubic feet.
Total U.S. natural gas storage stood at 2.256 trillion cubic feet. Stocks were 275 billion cubic feet less than last year at this time and 76 billion cubic feet below the five-year average of 2.332 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 133 billion cubic feet below the five-year average, following net injections of 48 billion cubic feet.
Stocks in the Producing Region were 109 billion cubic feet above the five-year average of 835 billion cubic feet, after a net injection of 6 billion cubic feet.
In the West Region, stocks were 52 billion cubic feet below the five-year average after a net addition of 15 billion cubic feet.
At 2.256 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July dipped 0.27% to trade at USD94.98 a barrel, while heating oil for July delivery edged 0.16% lower to trade at USD2.999 per gallon during U.S. morning trade.