Investing.com – Natural gas futures erased gains on Thursday, retreating from a three-week high as some profit taking emerged after a report from the U.S. Energy Information Administration showed that natural gas inventories rose less-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD4.029 per million British thermal units during U.S. morning trade, shedding 0.6%.
Natural gas prices rose as much as 1.72% to trade at USD4.124 per million British thermal units, the highest price since August 12 following the release of the EIA data.
However, the rally prompted some investors to sell their position on profit taking and lock in gains.
The U.S. EIA said in its weekly report that natural gas storage in the U.S. in the week ended August 26 rose by 55 billion cubic feet, after increasing by 73 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 60 billion cubic feet.
Stockpiles advanced by 52 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 60 billion cubic feet.
Total U.S. natural gas storage stood at 2.961 trillion cubic feet. Stocks were 137 billion cubic feet less than last year at this time and 60 billion cubic feet below the five-year average of 3.021 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 107 billion cubic feet below the five-year average, following net injections of 54 billion cubic feet.
Stocks in the Producing Region were 44 billion cubic feet above the five-year average of 913 billion cubic feet, after a net withdrawal of 3 billion cubic feet.
In the West Region, stocks were 3 billion cubic feet above the five-year average after a net addition of 4 billion cubic feet.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in October dipped 0.2% to trade at USD88.64 a barrel, while heating oil for October delivery shed 0.24% to trade at USD3.070 per gallon.
On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD4.029 per million British thermal units during U.S. morning trade, shedding 0.6%.
Natural gas prices rose as much as 1.72% to trade at USD4.124 per million British thermal units, the highest price since August 12 following the release of the EIA data.
However, the rally prompted some investors to sell their position on profit taking and lock in gains.
The U.S. EIA said in its weekly report that natural gas storage in the U.S. in the week ended August 26 rose by 55 billion cubic feet, after increasing by 73 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 60 billion cubic feet.
Stockpiles advanced by 52 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 60 billion cubic feet.
Total U.S. natural gas storage stood at 2.961 trillion cubic feet. Stocks were 137 billion cubic feet less than last year at this time and 60 billion cubic feet below the five-year average of 3.021 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 107 billion cubic feet below the five-year average, following net injections of 54 billion cubic feet.
Stocks in the Producing Region were 44 billion cubic feet above the five-year average of 913 billion cubic feet, after a net withdrawal of 3 billion cubic feet.
In the West Region, stocks were 3 billion cubic feet above the five-year average after a net addition of 4 billion cubic feet.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in October dipped 0.2% to trade at USD88.64 a barrel, while heating oil for October delivery shed 0.24% to trade at USD3.070 per gallon.