Investing.com - Natural gas prices dropped on Thursday after official U.S. data revealed the nation's inventories rose more than expected last week.
On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.611 per million British thermal units during U.S. trading, down 1.97%. The October contract settled up 0.46% at USD3.683 per million British thermal units on Wednesday.
The commodity hit a session low of USD3.597 and a high of USD3.718.
The U.S. Energy Information Administration said in its weekly report that natural gas stockpiles rose by 58 billion cubic feet in the week ending Aug. 30, more than an expected 54 billion increase after a 67 billion rise the previous week.
Prices fell on the news though increasingly active Atlantic hurricane activity curbed losses.
The U.S. National Hurricane Center said Wednesday that Tropical Storm Gabrielle has formed south of Puerto Rico, resulting in storm warnings that were discontinued on Thursday after the system weakened into a Tropical Depression.
The fate of the storm and other weather systems showing potential for development, especially one in the southern Gulf of Mexico, remained up in the air and bolstered prices somewhat.
Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.
The Gulf of Mexico is home to 10% of U.S. natural gas production.
Elsewhere, forecasts for above-normal temperatures across parts of the eastern U.S. through mid-September cushioned prices as well.
Demand for natural gas tends to rise amid heat waves, as homes and businesses throttle up their air conditioners.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October were up 0.90% and trading at USD108.19 a barrel, while heating oil for October delivery were up 0.33% and trading at USD3.1475 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.611 per million British thermal units during U.S. trading, down 1.97%. The October contract settled up 0.46% at USD3.683 per million British thermal units on Wednesday.
The commodity hit a session low of USD3.597 and a high of USD3.718.
The U.S. Energy Information Administration said in its weekly report that natural gas stockpiles rose by 58 billion cubic feet in the week ending Aug. 30, more than an expected 54 billion increase after a 67 billion rise the previous week.
Prices fell on the news though increasingly active Atlantic hurricane activity curbed losses.
The U.S. National Hurricane Center said Wednesday that Tropical Storm Gabrielle has formed south of Puerto Rico, resulting in storm warnings that were discontinued on Thursday after the system weakened into a Tropical Depression.
The fate of the storm and other weather systems showing potential for development, especially one in the southern Gulf of Mexico, remained up in the air and bolstered prices somewhat.
Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.
The Gulf of Mexico is home to 10% of U.S. natural gas production.
Elsewhere, forecasts for above-normal temperatures across parts of the eastern U.S. through mid-September cushioned prices as well.
Demand for natural gas tends to rise amid heat waves, as homes and businesses throttle up their air conditioners.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October were up 0.90% and trading at USD108.19 a barrel, while heating oil for October delivery were up 0.33% and trading at USD3.1475 per gallon.