Investing.com - Natural gas futures were higher on Friday after data showed that U.S. natural gas supplies rose less-than-expected last week.
On the New York Mercantile Exchange, natural gas for delivery in December was up 2.70% to $2.317 per million British thermal units. Prices were at around $2.324 prior to the release of the supply data.
In its weekly report the Energy Information Administration said natural gas storage in the week ended November 6 rose by 49 billion cubic feet, compared to expectations for an increase of 51 bcf.
Total U.S. natural gas storage stood at 3,978 bcf the EIA said. Stocks were 373 bcf higher than last year at this time and 173 bcf above the five-year average of 3,805 bcf for this time of year.
EIA data shows that power plants account for approximately 32% of gas demand in the U.S. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Elsewhere on the Nymex, crude oil for delivery in December was down 2.80% at $40.58 a barrel, while heating oil for December delivery lost 1% to $1.3914 per gallon.