Investing.com - Natural gas prices rose in U.S. trading on Friday after bottom fishers snapped up nicely priced positions after Thursday's selloff.
In the New York Mercantile Exchange, natural gas futures for delivery in July traded at USD4.033 per million British thermal units, up 0.25%.
The commodity hit a session low of USD3.999 and a high of USD4.064.
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 May 24 rose by a healthy 88 billion cubic feet, broadly in line with market expectations.
Inventories rose by 72 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 92 billion cubic feet.
Total U.S. natural gas storage stood at 2.141 trillion cubic feet as of last week. Stocks were 664 billion cubic feet less than last year at this time and 88 billion cubic feet below the five-year average of 2.229 trillion cubic feet for this time of year.
The numbers sparked a selloff of the commodity as did weather reports for below-normal temperatures in parts of the U.S. before bottom fishing kicked in on Friday.
Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning, though cooler temperatures even in parts of the U.S. can send prices dropping easily this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in July were down 0.61% and trading at USD93.04 a barrel, while heating oil futures for July delivery were down 1.39% at USD2.8048 per gallon.
In the New York Mercantile Exchange, natural gas futures for delivery in July traded at USD4.033 per million British thermal units, up 0.25%.
The commodity hit a session low of USD3.999 and a high of USD4.064.
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 May 24 rose by a healthy 88 billion cubic feet, broadly in line with market expectations.
Inventories rose by 72 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 92 billion cubic feet.
Total U.S. natural gas storage stood at 2.141 trillion cubic feet as of last week. Stocks were 664 billion cubic feet less than last year at this time and 88 billion cubic feet below the five-year average of 2.229 trillion cubic feet for this time of year.
The numbers sparked a selloff of the commodity as did weather reports for below-normal temperatures in parts of the U.S. before bottom fishing kicked in on Friday.
Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning, though cooler temperatures even in parts of the U.S. can send prices dropping easily this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in July were down 0.61% and trading at USD93.04 a barrel, while heating oil futures for July delivery were down 1.39% at USD2.8048 per gallon.