The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks increased by 75 billion cubic feet for the week ending June 19. Analysts polled by The Wall Street Journal expected a storage injection (increase) of 78 billion cubic feet. The five-year average for the week is an increase of around 86 billion cubic feet.
Natural gas futures for August delivery traded up about 2% in advance of the EIA’s report, at around $2.84 per million BTUs, and ticked down to $2.82 following release of the report. Last Thursday, natural gas closed at $2.81 per million BTUs, and natural gas futures peaked at just over $2.85 in the past five days. The 52-week low for natural gas futures is $2.57. One year ago, the price for a million BTUs was around $4.20.
Natural gas posted a decent price gain Thursday as temperatures for the next week are…
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