US Natural Gas Futures Rise on Storage Data
US Natural Gas Futures Rise on Storage Data
U.S. natural gas inventories increased slightly less than usual last week, reducing the surplus over the five-year average to 144 billion cubic feet from 149 Bcf the week before, the EIA reports. Net storage injections of 92 Bcf put inventories at 2,483 Bcf, or 6.2% above the 2021-2025 average.
Market Expectations and Price Reaction
Analysts in a Wall Street Journal survey had predicted a 96 Bcf increase for last week. The smaller-than-expected injection boosted Nymex natural gas for July delivery, which rose 3.3% to $3.197/mmBtu following the report.
The data suggests a tightening supply surplus, supporting prices. Traders will continue to monitor storage reports and weather forecasts for further direction.
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