Investing.com - Natural gas prices fell on Thursday after official data in the U.S. revealed the country's stockpiles rose in line with expectations, which sparked a round of profit taking.
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.612 per million British thermal units, down 1.86%.
The commodity hit a session low of USD3.577 and a high of USD3.701.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 5 rose by 82 billion cubic feet, broadly in line with market expectations.
Inventories rose by 34 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 74 billion cubic feet.
Total U.S. natural gas storage stood at 2.687 trillion cubic feet as of last week. Stocks were 443 billion cubic feet less than last year at this time and 22 billion cubic feet below the five-year average of 2.709 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 89 billion cubic feet below the five-year average, following net injections of 53 billion cubic feet.
Stocks in the Producing Region were 33 billion cubic feet above the five-year average of 965 billion cubic feet after a net injection of 27 billion cubic feet.
Weather forecasts called for seasonably warm temperatures for much of the eastern U.S. coupled with rain, which sent prices falling despite calls for hotter-than-normal temperatures across Texas and the Great Plains states.
Mild summer temperatures cut into the need for gas-fired electricity to cool homes and businesses, dampening demand for natural gas.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 1.71% and trading at USD104.70 a barrel, while heating oil futures for August delivery were down 0.30% at USD2.9926 per gallon.
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.612 per million British thermal units, down 1.86%.
The commodity hit a session low of USD3.577 and a high of USD3.701.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 5 rose by 82 billion cubic feet, broadly in line with market expectations.
Inventories rose by 34 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 74 billion cubic feet.
Total U.S. natural gas storage stood at 2.687 trillion cubic feet as of last week. Stocks were 443 billion cubic feet less than last year at this time and 22 billion cubic feet below the five-year average of 2.709 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 89 billion cubic feet below the five-year average, following net injections of 53 billion cubic feet.
Stocks in the Producing Region were 33 billion cubic feet above the five-year average of 965 billion cubic feet after a net injection of 27 billion cubic feet.
Weather forecasts called for seasonably warm temperatures for much of the eastern U.S. coupled with rain, which sent prices falling despite calls for hotter-than-normal temperatures across Texas and the Great Plains states.
Mild summer temperatures cut into the need for gas-fired electricity to cool homes and businesses, dampening demand for natural gas.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 1.71% and trading at USD104.70 a barrel, while heating oil futures for August delivery were down 0.30% at USD2.9926 per gallon.