Natural gas prices dip, as profit taking erases 5% gains
Published Jul 19, 2013 12:25PM ET
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.788 per million British thermal units, down 0.64%.
The commodity hit a session low of USD3.762 and a high of USD3.827.
Natural gas prices soared by over 5% on Thursday after the U.S. Energy Information Administration reported that natural gas storage in the week ending July 12 rose by 58 billion cubic feet, below market expectations for an increase of 64 billion cubic feet.
Inventories rose by 29 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 70 billion cubic feet.
Total U.S. natural gas storage stood at 2.745 trillion cubic feet as of last week. Stocks were 414 billion cubic feet less than last year at this time and 34 billion cubic feet below the five-year average of 2.779 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 101 billion cubic feet below the five-year average, following net injections of 37 billion cubic feet.
Stocks in the Producing Region were 36 billion cubic feet above the five-year average of 977 billion cubic feet after a net injection of 15 billion cubic feet.
Weather forecasts supported prices as well, as a heat wave continued to sear the heavily populated eastern U.S. though calls for a return of less intense summertime mercury readings allowed prices to edge lower on Friday as well.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 0.25% and trading at USD107.54 a barrel, while heating oil futures for August delivery were down 0.37% at USD3.0892 per gallon.
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Written By: Investing.com
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