Investing.com – Natural gas futures erased losses on Thursday, retreating from a three-day low after the U.S. Energy Information Administration said natural gas inventories fell less-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.362 per million British thermal units during U.S. morning trade, jumping 1.25%.
It earlier rose as much as 1.45% to hit a daily high of USD4.372 per million British thermal units.
The contract traded at USD4.316 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 24 rose by 78 billion cubic feet, after increasing by 98 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 80 billion cubic feet. Stockpiles advanced by 63 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 77 billion cubic feet.
Total U.S. natural gas storage stood at 2.432 trillion cubic feet. Stocks were 243 billion cubic feet less than last year at this time and 63 billion cubic feet below the five-year average of 2.495 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 124 billion cubic feet below the five-year average, following net injections of 55 billion cubic feet.
Stocks in the Producing Region were 105 billion cubic feet above the five-year average of 865 billion cubic feet, after a net injection of 10 billion cubic feet.
In the West Region, stocks were 44 billion cubic feet below the five-year average after a net addition of 13 billion cubic feet.
At 2.432 trillion cubic feet, total working gas was within the five-year historical range.
Prices were down earlier as fears over a disruption to supply eased after a tropical storm in the Gulf of Mexico didn't appear likely to threaten production.
Elsewhere, light sweet crude oil futures for delivery in August eased down 0.13% to trade at USD94.95 a barrel, while heating oil for August delivery added 0.17% to trade at USD2.941 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.362 per million British thermal units during U.S. morning trade, jumping 1.25%.
It earlier rose as much as 1.45% to hit a daily high of USD4.372 per million British thermal units.
The contract traded at USD4.316 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 24 rose by 78 billion cubic feet, after increasing by 98 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 80 billion cubic feet. Stockpiles advanced by 63 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 77 billion cubic feet.
Total U.S. natural gas storage stood at 2.432 trillion cubic feet. Stocks were 243 billion cubic feet less than last year at this time and 63 billion cubic feet below the five-year average of 2.495 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 124 billion cubic feet below the five-year average, following net injections of 55 billion cubic feet.
Stocks in the Producing Region were 105 billion cubic feet above the five-year average of 865 billion cubic feet, after a net injection of 10 billion cubic feet.
In the West Region, stocks were 44 billion cubic feet below the five-year average after a net addition of 13 billion cubic feet.
At 2.432 trillion cubic feet, total working gas was within the five-year historical range.
Prices were down earlier as fears over a disruption to supply eased after a tropical storm in the Gulf of Mexico didn't appear likely to threaten production.
Elsewhere, light sweet crude oil futures for delivery in August eased down 0.13% to trade at USD94.95 a barrel, while heating oil for August delivery added 0.17% to trade at USD2.941 per gallon during U.S. morning trade.