Investing.com - Natural gas futures remained near a seven-month high on Thursday, despite data showing that U.S. natural gas supplies fell less-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.373 per million British thermal units during U.S. morning trade, up 0.8%. Futures traded at USD4.390 prior to the release of the U.S. Energy Information Administration report.
Nymex January gas futures rose to a session high of USD4.431 per million British thermal units earlier, the highest level since May 1. The January contract rallied 2.36% on Wednesday to end at USD4.337 per million British thermal units.
Natural gas futures were likely to find support at USD4.172 per million British thermal units, the low from December 11 and resistance at USD4.444, the high from May 1.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended December 6 fell by 81 billion cubic feet, below expectations for a withdrawal of 88 billion cubic feet.
Inventories fell by 8 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 76 billion cubic feet.
Total U.S. natural gas storage stood at 3.533 trillion cubic feet. Stocks were 273 billion cubic feet less than last year at this time and 109 billion cubic feet below the five-year average of 3.642 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 155 billion cubic feet below the five-year average, following net withdrawals of 46 billion cubic feet.
Stocks in the Producing Region were 41 billion cubic feet above the five-year average of 1.173 billion cubic feet after a net withdrawal of 9 billion cubic feet.
Meanwhile, updated weather forecasting models continued to point to colder than average temperatures in key gas-consuming regions in the U.S. during the next six-to-ten-days.
Bullish speculators bet that colder weather will increase demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January added 0.3% to trade at USD97.72 a barrel, while heating oil for January delivery fell 0.75% to trade at USD2.998 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.373 per million British thermal units during U.S. morning trade, up 0.8%. Futures traded at USD4.390 prior to the release of the U.S. Energy Information Administration report.
Nymex January gas futures rose to a session high of USD4.431 per million British thermal units earlier, the highest level since May 1. The January contract rallied 2.36% on Wednesday to end at USD4.337 per million British thermal units.
Natural gas futures were likely to find support at USD4.172 per million British thermal units, the low from December 11 and resistance at USD4.444, the high from May 1.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended December 6 fell by 81 billion cubic feet, below expectations for a withdrawal of 88 billion cubic feet.
Inventories fell by 8 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 76 billion cubic feet.
Total U.S. natural gas storage stood at 3.533 trillion cubic feet. Stocks were 273 billion cubic feet less than last year at this time and 109 billion cubic feet below the five-year average of 3.642 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 155 billion cubic feet below the five-year average, following net withdrawals of 46 billion cubic feet.
Stocks in the Producing Region were 41 billion cubic feet above the five-year average of 1.173 billion cubic feet after a net withdrawal of 9 billion cubic feet.
Meanwhile, updated weather forecasting models continued to point to colder than average temperatures in key gas-consuming regions in the U.S. during the next six-to-ten-days.
Bullish speculators bet that colder weather will increase demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January added 0.3% to trade at USD97.72 a barrel, while heating oil for January delivery fell 0.75% to trade at USD2.998 per gallon.