Investing.com - Natural gas futures held on to gains on Thursday, after data showed that U.S. natural gas supplies fell more than expected last week.
On the New York Mercantile Exchange, natural gas for delivery in April edged up 0.9 cents, or 0.34%, to trade at $2.834 per million British thermal units during U.S. morning hours. Prices were at around $2.845 prior to the release of the supply data.
Futures were likely to find support at $2.662 per million British thermal units, the low from March 11, and resistance at $2.870, the high from March 6.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 6 fell by 198 billion cubic feet, compared to expectations for a decline of 191 billion.
Supplies fell by 189 billion the same time last year, while the five-year average change for the week is a decline of 116 billion cubic feet.
Total U.S. natural gas storage stood at 1.512 trillion cubic feet. Stocks were 483 billion cubic feet higher than last year at this time and 225 billion cubic feet below the five-year average of 1.737 trillion cubic feet for this time of year.
A day earlier, natural gas for delivery in April jumped 9.2 cents, or 3.37%, to settle at $2.824 amid expectations this week's storage data will show a significant gas withdrawal.
Despite recent gains prices are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed and below-normal temperatures in March mean less than they do in January and February.
Elsewhere on the Nymex, crude oil for delivery in April shed 22 cents, or 0.46%, to trade at $47.95 a barrel, while heating oil for April delivery declined 0.34% to trade at $1.814 per gallon.