Investing.com - Natural gas futures fell to session lows on Thursday after data showed that U.S. natural gas supplies rose more than expected last week.
On the New York Mercantile Exchange, natural gas for delivery in October was last down 1.24% to $11.990 per million British thermal units. Prices were at around $2.556 prior to the release of the supply data.
In its weekly report the Energy Information Administration said natural gas storage in the week ended September 18 rose by 106 billion cubic feet, compared to expectations for an increase of 96 bcf.
Total U.S. natural gas storage stood at 3,440 bcf the EIA said. Stocks were 466 Bcf higher than last year at this time and 148 Bcf above the 5-year average of 3,292 Bcf.
EIA data shows that power plants account for approximately 32% of gas demand in the U.S. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Elsewhere on the Nymex, crude oil for delivery in November was up 1.37% at $45.13 a barrel, while heating oil for October delivery rose 1.44% to $1.52 per gallon.