Investing.com - Natural gas futures extended losses on Thursday, after data showed that U.S. natural gas supplies rose more than forecast last week.
On the New York Mercantile Exchange, natural gas for delivery in November shed 8.9 cents to trade at $3.934 per million British thermal units during U.S. morning hours. Prices were at $3.998 prior to the release of the supply data.
A day earlier, natural gas futures lost 9.8 cents to settle at $4.023 as investors monitored shifting weather forecasts to gauge the strength of demand for the fuel in the short-term.
Futures were likely to find support at $3.874 per million British thermal units, the low from September 25 and resistance at $4.184, the high from October 1.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 26 rose by 112 billion cubic feet, above expectations for an increase of 107 billion.
Inventories rose by 99 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 85 billion cubic feet.
Injections of gas into storage have surpassed the five-year average for 24 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 3.100 trillion cubic feet. Stocks were 373 billion cubic feet less than last year at this time and 399 billion cubic feet below the five-year average of 3.499 trillion cubic feet for this time of year.
Meanwhile, updated weather forecasting models calls for higher-than-normal temperatures in the eastern half of the U.S. over the next five days, before a shift to cooler weather in the Midwest and East over the subsequent six to 10 days.
Elsewhere on the Nymex, crude oil for delivery in November shed 21 cents to trade at $90.52 a barrel, while heating oil for November delivery dropped 0.7% to trade at $2.636 per gallon.