Investing.com - Natural gas futures held on to modest losses on Thursday, after data showed that U.S. natural gas supplies rose broadly in line with market expectations last week.
On the New York Mercantile Exchange, natural gas for delivery in July fell 0.6 cents, or 0.22%, to trade at $2.885 per million British thermal units during U.S. morning hours. Prices were at around $2.891 prior to the release of the supply data.
Futures were likely to find support at $2.624 per million British thermal units, the low from June 8, and resistance at $3.017, the high from May 22.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended June 5 rose by 111 billion cubic feet, broadly in line with expectations for an increase of 112 billion and following a build of 132 billion cubic feet in the preceding week.
Supplies rose by 109 billion cubic feet in the same week last year, while the five-year average change is an increase of 89 billion cubic feet.
Total U.S. natural gas storage stood at 2.344 trillion cubic feet as of last week. Stocks were 753 billion cubic feet higher than last year at this time and 44 billion cubic feet above the five-year average of 2.300 trillion cubic feet for this time of year.
A day earlier, natural gas prices hit $2.922, the most since May 22, before closing at $2.891, up 4.5 cents, or 1.58% as forecasts for late this week and early next week turned warmer, boosting near-term demand expectations for the heating fuel.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Approximately 49% of U.S. households use natural gas for heating, according to the Energy Department.
Elsewhere on the Nymex, crude oil for delivery in July shed 76 cents, or 1.24%, to trade at $60.67 a barrel, while heating oil for July delivery lost 1.19% to trade at $1.922 per gallon.