Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
US natural gas futures extend gains after storage data
© Reuters. U.S. gas stockpiles rise less than expected last week
Investing.com - U.S. natural gas futures extended gains in North American trade on Thursday, after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.
Natural gas for delivery in September on the New York Mercantile Exchange jumped 4.7 cents, or 1.79%, to trade at $2.666 per million British thermal units by 14:33GMT, or 10:33AM ET.
Futures were at around $2.635 prior to the release of the supply data.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 22 billion cubic feet in the week ended August 12, while analysts had forecast an increase of 27 billion.
That compared with an advance of 29 billion cubic feet in the preceding week, 52 billion a year earlier and a five-year average of 57 billion cubic feet.
Total U.S. natural gas storage stood at 3.339 trillion cubic feet, 10.9% higher than levels at this time a year ago and 13.8% above the five-year average for this time of year.
A day earlier, prices inched forward 0.2 cents, or 0.08%, as traders waited for the fresh weekly storage data.
Meanwhile, updated weather forecasting models pointed to scorching heat along the U.S. east coast through August 21. The weather will then be hotter than normal in the Mid-Atlantic and Great Lakes region through August 26.
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.
Natural gas futures have been under pressure in recent days amid speculation that August heat won’t prevent stockpiles from reaching a record before the winter.
Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.