Investing.com – Natural gas futures were up sharply on Thursday, soaring to a ten-month high after the U.S. Energy Information Administration said natural gas inventories rose less-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.824 per million British thermal units during U.S. morning trade, surging 4.25%.
It earlier rose as much as 4.7% to USD4.857 per million British thermal units, the highest price since August 2, 2010.
The contract traded at USD4.697 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 27 rose by 83 billion cubic feet, after increasing by 105 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 92 billion cubic feet.
Supplies climbed by 88 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 99 billion cubic feet.
Total U.S. natural gas storage stood at 2.107 trillion cubic feet. Stocks were 237 billion cubic feet less than last year at this time and 42 billion cubic feet below the five-year average of 2.149 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 116 billion cubic feet below the five-year average, following net injections of 51 billion cubic feet.
Stocks in the Producing Region were 125 billion cubic feet above the five-year average of 795 billion cubic feet, after a net injection of 18 billion cubic feet.
In the West Region, stocks were 51 billion cubic feet below the five-year average after a net addition of 14 billion cubic feet.
At 2.107 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July climbed 0.6% to trade at USD100.44 a barrel, while heating oil for July delivery rose 1.1% to trade at USD3.044 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.824 per million British thermal units during U.S. morning trade, surging 4.25%.
It earlier rose as much as 4.7% to USD4.857 per million British thermal units, the highest price since August 2, 2010.
The contract traded at USD4.697 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 27 rose by 83 billion cubic feet, after increasing by 105 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 92 billion cubic feet.
Supplies climbed by 88 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 99 billion cubic feet.
Total U.S. natural gas storage stood at 2.107 trillion cubic feet. Stocks were 237 billion cubic feet less than last year at this time and 42 billion cubic feet below the five-year average of 2.149 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 116 billion cubic feet below the five-year average, following net injections of 51 billion cubic feet.
Stocks in the Producing Region were 125 billion cubic feet above the five-year average of 795 billion cubic feet, after a net injection of 18 billion cubic feet.
In the West Region, stocks were 51 billion cubic feet below the five-year average after a net addition of 14 billion cubic feet.
At 2.107 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in July climbed 0.6% to trade at USD100.44 a barrel, while heating oil for July delivery rose 1.1% to trade at USD3.044 per gallon during U.S. morning trade.