Investing.com - Natural gas futures rose on Thursday, after data showed that U.S. natural gas supplies rose far less-than-expected last week.
On the New York Mercantile Exchange, natural gas for delivery in May traded at $4.649 per million British thermal units during U.S. morning hours, up 1.32%. Futures traded at $4.533 prior to the release of the supply data, down 1.18%.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended April 4 rose by 4 billion cubic feet after a drop of 74 billion cubic feet in the previous week.
Analysts had expected a build of 13 billion cubic feet.
Total U.S. natural gas storage stood at 826 billion cubic feet, the lowest for this time of year since 2003.
Severely cold weather over this past winter saw natural gas stockpiles fall to 11-year lows, sparking concerns that producers may not be able to refill inventories before the next heating season. Producers typically replenish inventories between April and October, when demand is lower.
The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.
Spring and fall see the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
Elsewhere on the Nymex, crude oil for delivery in May was down 0.32% to $103.29 a barrel, while heating oil for May delivery was down 0.25% to trade at $2.946 per gallon.