Investing.com – Natural gas futures extended losses on Thursday, dropping to a two-day low after the U.S. Energy Information Administration said natural gas inventories rose more-than-expected last week.
On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.285 per million British thermal units during U.S. morning trade, tumbling 2.15%.
It earlier fell as much as 2.5% to trade at USD4.268 per million British thermal units, the lowest price since July 12.
The contract traded at USD4.347 prior to the release of the EIA data.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 8 rose by 84 billion cubic feet, after increasing by 95 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 78 billion cubic feet.
Stockpiles advanced by 78 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 88 billion cubic feet.
Total U.S. natural gas storage stood at 2.611 trillion cubic feet. Stocks were 218 billion cubic feet less than last year at this time and 52 billion cubic feet below the five-year average of 2.663 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 116 billion cubic feet below the five-year average, following net injections of 59 billion cubic feet.
Stocks in the Producing Region were 100 billion cubic feet above the five-year average of 901 billion cubic feet, after a net injection of 14 billion cubic feet.
In the West Region, stocks were 36 billion cubic feet below the five-year average after a net addition of 11 billion cubic feet.
At 2.611 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in August shed 0.1% to trade at USD97.72 a barrel, while heating oil for August delivery added 0.42% to trade at USD3.110 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.285 per million British thermal units during U.S. morning trade, tumbling 2.15%.
It earlier fell as much as 2.5% to trade at USD4.268 per million British thermal units, the lowest price since July 12.
The contract traded at USD4.347 prior to the release of the EIA data.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 8 rose by 84 billion cubic feet, after increasing by 95 billion cubic feet in the preceding week.
Analysts had expected U.S. natural gas storage to rise by 78 billion cubic feet.
Stockpiles advanced by 78 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 88 billion cubic feet.
Total U.S. natural gas storage stood at 2.611 trillion cubic feet. Stocks were 218 billion cubic feet less than last year at this time and 52 billion cubic feet below the five-year average of 2.663 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 116 billion cubic feet below the five-year average, following net injections of 59 billion cubic feet.
Stocks in the Producing Region were 100 billion cubic feet above the five-year average of 901 billion cubic feet, after a net injection of 14 billion cubic feet.
In the West Region, stocks were 36 billion cubic feet below the five-year average after a net addition of 11 billion cubic feet.
At 2.611 trillion cubic feet, total working gas was within the five-year historical range.
Elsewhere, light sweet crude oil futures for delivery in August shed 0.1% to trade at USD97.72 a barrel, while heating oil for August delivery added 0.42% to trade at USD3.110 per gallon during U.S. morning trade.