Investing.com - Natural gas futures jumped up on Thursday after weekly inventory data revealed that winter weather is taking its toll on the U.S. stockpiles.
On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD4.774 per million British thermal units during U.S. trading, up 1.81%.
The commodity hit session high of USD4.945 and a low of USD4.684.
The February contract settled up 5.82% on Wednesday to end at USD4.689 per million British thermal units.
Natural gas futures were likely to find support at USD4.684 per million British thermal units, the earlier low, and resistance at USD4.945, the earlier high.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Jan. 17 fell by 107 billion cubic feet, just shy of market expectations for a decline of 110 billion cubic feet but enough to send prices rising on sentiments that below-normal temperatures have been increasing demand for the commodity.
Total U.S. natural gas storage stood at 2.423 trillion cubic feet. Stocks were 598 billion cubic feet less than last year at this time and 369 billion cubic feet below the five-year average of 2.792 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 253 billion cubic feet below the five-year average, following net withdrawals of 67 billion cubic feet.
Stocks in the Producing Region were 75 billion cubic feet below the five-year average of 962 billion cubic feet after a net withdrawal of 25 billion cubic feet.
Meanwhile, updated weather forecasting models continued to call for below-normal temperatures across the eastern U.S. during the next five days, which also supported prices by fanning expectations for heightened demand to continue and reflect in next week's supply report.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.87% and trading at USD97.57 a barrel, while heating oil for February delivery were up 1.28% and trading at USD3.0768 per gallon.