Investing.com - Natural gas futures bounced back from six-month lows on Friday after bargain hunters snapped up nicely-priced positions in the commodity and reversed losses stemming from Thursday's bearish supply report.
On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.138 per million British thermal units during U.S. trading, up 0.44%. The commodity hit a session high of $4.158 and a low of $4.107.
The August contract settled down 1.20% on Thursday to end at $4.120 per million British thermal units.
Natural gas futures were likely to find support at $4.107 per million British thermal units, the earlier low, and resistance at $4.356, Monday's high.
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 July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.
The five-year average change for the week is an increase of 72 billion cubic feet.
Total U.S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year.
Gas prices fell on the numbers as well as weather forecasts calling for below-normal temperatures across portions of the eastern half of the U.S., though bottom fishers sent the commodity back into positive territory on Friday.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 1.48% at $101.41 a barrel, while heating oil for August delivery were down 0.76% at $2.8714 per gallon.