We have updated our privacy policy and terms & conditions. Find out more here.
0
 

Natural Gas gains amid bottom fishing as market looks past data

By Investing.com  |  Commodities  |  May 03, 2013 05:10PM GMT  |   1 Comment
 
AA
+
-
Investing.com - Natural gas futures rose on Friday as bargain hunters snapped up nicely priced positions after official data released on Thursday's revealed U.S. supplies rose way more than expected last week.

Natural Gas gains amid bottom fishing as market looks past data
On the New York Mercantile Exchange, natural gas futures for delivery in June traded at USD4.043 per million British thermal units, up 0.43%.

The commodity hit a session low of USD3.979 and a high of USD4.059.

The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ending April 26 rose by 43 billion cubic feet, well above expectations for an increase of 28 billion cubic feet.

The numbers sent gas prices nose-diving down by close to 7% on Thursday before bottom-fishers jumped in on Friday and stabilized the sell-off

Inventories rose by 31 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 67 billion cubic feet.

Total U.S. natural gas storage stood at 1.777 trillion cubic feet as of last week. Stocks were 795 billion cubic feet less than last year at this time and 118 billion cubic feet below the five-year average of 1.895 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 120 billion cubic feet below the five-year average, following net injections of 18 billion cubic feet.

Stocks in the Producing Region were 52 billion cubic feet below the five-year average of 786 billion cubic feet after a net injection of 20 billion cubic feet.

Markets were expecting supplies to rise at a much lower clip due to persistently cold weather lingering over much of the heavily populated eastern half of the U.S. during March and early April.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in June were up 1.79% and trading at USD95.37 a barrel, while heating oil futures for June delivery were up 1.23% at USD2.8906 per gallon.








Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Total
 
 
 
Are you sure you want to delete this chart?
 
Comments
Paul Yarnold
Paul Yarnold May 05, 2013 04:45PM GMT
Rose "way more" than expected? Bottom fishing? Nicely priced? This is not news, it is opinion.
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg