Investing.com - Natural gas futures were higher on Thursday, after data showed that U.S. natural gas supplies rose less-than-expected last week.
On the New York Mercantile Exchange, natural gas for delivery in June was up 2.23% to $2.986 per million British thermal units. Prices were at around $2.955 prior to the release of the supply data.
In its weekly report, the Energy Information Administration said natural gas storage in the week ended May 15 rose by 92 billion cubic feet, compared to expectations for an increase of 97 bcf.
Total U.S. natural gas storage stood at 1,989 bcf the EIA said. Stocks were 738 bcf higher than last year at this time and 35 bcf below the five-year average of 2,024 bcf for this time of year.
Meanwhile, updated weather forecasting models pointed to hotter-than-normal temperatures on the East Coast through May 29, boosting early summer cooling demand for the fuel.
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.
Approximately 49% of U.S. households use natural gas for heating, according to the Energy Department.
Elsewhere on the Nymex, crude oil for delivery in June was up 2.39% at $60.39 a barrel, while heating oil for June delivery rallied 1.90% to $1.983 per gallon.