Investing.com - U.S. natural gas futures edged higher in North America trade on Thursday, after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.
Natural gas for delivery in August on the New York Mercantile Exchange tacked on 3.6 cents, or 1.35%, to trade at $2.694 per million British thermal units by 13:32GMT, or 9:32AM ET. Prices were at around $2.662 prior to the release of the supply data after falling to a session low of $2.625, a level not seen since June 24.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 15 rose by 34 billion cubic feet, below forecasts for an increase of 39 billion.
That compared with an increase of 64 billion cubic feet in the prior week, 59 billion a year earlier and a five-year average of 61 billion cubic feet.
Total U.S. natural gas storage stood at 3.277 trillion cubic feet, 14.4% higher than levels at this time a year ago and 17.1% above the five-year average for this time of year.
Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October.
Natural gas prices are down more than 10% since reaching a 13-month high on July 1 amid speculation that July heat won’t prevent stockpiles from reaching a record before the winter.