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MTECHTIPS:-U.S. natural gas futures stay lower after weekly storage data

Thursday, May 5, 2016 23:20

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MTECHTIPS:-U.S. natural gas futures stay lower after weekly storage data

U.S. natural gas futures held on to losses in North America trade on Thursday, after data showed that natural gas supplies in storage in the U.S. rose more than feared last week. Natural gas for delivery in June on the New York Mercantile Exchange shed 2.2 cents, or 1.03%, to trade at $2.119 per million British thermal units by 13:35GMT, or 09:35AM ET. Prices were at around $2.115 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended April 29 rose by 68 billion cubic feet, compared to expectations for a gain of 64 billion. That compares with a gain of 73 billion cubic feet in the prior week, an increase of 77 billion cubic feet in the same week a year earlier and a five-year average rise of around 64 billion cubic feet. Total U.S. natural gas storage stood at 2.625 trillion cubic feet, 32.8% higher than levels at this time a year ago and 31.9% above the five-year average for this time of year. A day earlier, gas futures climbed 5.5 cents, or 2.64%, amid speculation hotter weather will increase spring cooling demand. Updated weather forecasting models showed that temperatures may be warmer than normal on the U.S. East Coast from May 9 to May 13 after a cold spell this week.

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