We have updated our privacy policy and terms & conditions. Find out more here.
8
 

Natural gas extends gains on bullish U.S. supply data

By Investing.comCommoditiesSep 13, 2013 03:45PM GMT Add a Comment
 
AA
+
-
Investing.com - Natural gas prices extended Thursday's gains into Friday after official U.S. inventory data revealed the country's stockpiles rose less than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.665 per million British thermal units during U.S. trading, up 0.73%.

The October contract settled up 1.99% at USD3.638 per million British thermal units on Thursday.

The commodity hit a session low of USD3.604 and a high of USD3.676.

The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended Sept. 6 rose by 65 billion cubic feet, below market expectations for an increase of 66 billion cubic feet.

Inventories increased by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 62 billion cubic feet.

Total U.S. natural gas storage stood at 3.253 trillion cubic feet as of last week. Stocks were 172 billion cubic feet less than last year at this time and 46 billion cubic feet above the five-year average of 3.207 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 114 billion cubic feet below the five-year average, following net injections of 49 billion cubic feet.

Stocks in the Producing Region were 106 billion cubic feet above the five-year average of 993 billion cubic feet after a net injection of 14 billion cubic feet.

Investors also kept a wary eye Tropical Storm Ingrid, which formed in the southwestern Gulf of Mexico though it was poised to make landfall in Mexico.

Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.

The Gulf of Mexico is home to 10% of U.S. natural gas production.

Capping gains, however, were weather forecasts calling for a return of milder temperatures across parts of the Midwest and Northeast of the U.S. next week, home to many natural gas consumers, though above normal temperatures forecast for the West Coast offset the trend.

Demand for natural gas tends to fall as temperatures moderate, as homes and businesses throttle back their air conditioners.

Reports of a decline in nuclear power outages dampened gains as well.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October were down 0.73% and trading at USD107.81 a barrel, while heating oil for October delivery were down 0.57% and trading at USD3.0987 per gallon.







Natural gas extends gains on bullish U.S. supply data
 
AA
+
-

Related Articles

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Crude Oil
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg
 
 
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.