Home / TIPS / MTECHTIPS:-Natural gas futures push higher after bullish weekly storage data

MTECHTIPS:-Natural gas futures push higher after bullish weekly storage data

MTECHTIPS:-Natural gas futures push higher after bullish weekly storage data

 Natural gas futures pushed higher on Thursday to move away from the prior session’s three-year low after data showed that U.S. natural gas supplies rose less than expected last week. Natural gas for delivery in November on the New York Mercantile Exchange tacked on 2.9 cents, or 1.21%, to trade at $2.433 per million British thermal units during U.S. morning hours. Prices were at around $2.412 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. in the week ended October 16 rose by 81 billion cubic feet, below expectations for an increase of 88 billion. That compared with builds of 100 billion cubic feet in the prior week, 94 billion cubic feet in the same week last year, while the five-year average change for the week is an increase of 84 billion cubic feet. Total U.S. natural gas storage stood at 3.814 trillion cubic feet. Stocks were 434 billion cubic feet higher than last year at this time and 163 billion cubic feet above the five-year average of 3.651 trillion cubic feet for this time of year.

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