Investing.com - Natural gas futures extended losses 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 tumbled 12.4 cents, or 3.15%, to trade at $3.830 per million British thermal units during U.S. morning hours. Futures were at $3.899 prior to the release of the supply data.
A day earlier, natural gas futures lost 3.0 cents, or 0.75%, to settle at $3.954.
Futures were likely to find support at $3.761 per million British thermal units, the low from September 8 and resistance at $4.016, the high from September 9.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 5 rose by 92 billion cubic feet, above expectations for an increase of 82 billion cubic feet.
Inventories rose by 64 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 60 billion cubic feet.
Injections of gas into storage have surpassed the five-year average for 21 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 2.801 trillion cubic feet. Stocks were 443 billion cubic feet less than last year at this time and 463 billion cubic feet below the five-year average of 3.264 trillion cubic feet for this time of year.
Meanwhile, updated weather forecasting models pointed to cooler-than-normal temperatures in some Northern Tier states along the Canadian border over the next two weeks.
Elsewhere on the Nymex, crude oil for delivery in October picked up 18 cents, or 0.2%, to trade at $91.85 a barrel, while heating oil for October delivery dropped 0.59% to trade at $2.737 per gallon.