Investing.com - Natural gas futures were higher on Thursday, albeit off the best levels of the session, after U.S. government data showed that natural gas supplies rose broadly in line with market expectations last week.
On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.576 per million British thermal units during U.S. morning trade, up 2.2%.
Futures traded at USD3.588 prior to the release of the U.S. Energy Information Administration report.
Nymex gas prices rallied to a session high of USD3.619 per million British thermal units earlier, the strongest level since October 31.
The December contract settled 0.92% higher at USD3.498 per million British thermal units on Wednesday.
Nymex gas futures were likely to find support at USD3.454 per million British thermal units, the low from November 6 and resistance at USD3.658, the high from October 31.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended November 1 rose by 35 billion cubic feet, broadly in line with forecasts.
Inventories rose by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 36 billion cubic feet.
Total U.S. natural gas storage stood at 3.814 trillion cubic feet. Stocks were 112 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.757 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 98 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet.
Stocks in the Producing Region were 111 billion cubic feet above the five-year average of 1.174 billion cubic feet after a net injection of 22 billion cubic feet.
Prices were higher ahead of the supply report as updated weather forecasting models called for below-normal temperatures across portions of the eastern half of the U.S. next week.
Forecasts originally called for warmer-than-average weather during the period.
Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December shed 0.85% to trade at USD94.01 a barrel, while heating oil for December delivery lost 1.25% to trade at USD2.833 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.576 per million British thermal units during U.S. morning trade, up 2.2%.
Futures traded at USD3.588 prior to the release of the U.S. Energy Information Administration report.
Nymex gas prices rallied to a session high of USD3.619 per million British thermal units earlier, the strongest level since October 31.
The December contract settled 0.92% higher at USD3.498 per million British thermal units on Wednesday.
Nymex gas futures were likely to find support at USD3.454 per million British thermal units, the low from November 6 and resistance at USD3.658, the high from October 31.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended November 1 rose by 35 billion cubic feet, broadly in line with forecasts.
Inventories rose by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 36 billion cubic feet.
Total U.S. natural gas storage stood at 3.814 trillion cubic feet. Stocks were 112 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.757 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 98 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet.
Stocks in the Producing Region were 111 billion cubic feet above the five-year average of 1.174 billion cubic feet after a net injection of 22 billion cubic feet.
Prices were higher ahead of the supply report as updated weather forecasting models called for below-normal temperatures across portions of the eastern half of the U.S. next week.
Forecasts originally called for warmer-than-average weather during the period.
Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December shed 0.85% to trade at USD94.01 a barrel, while heating oil for December delivery lost 1.25% to trade at USD2.833 per gallon.