Natural-gas prices extend losses as EIA reports first weekly supply rise of the season … MARKETWATCH
Natural-gas prices extend losses as EIA reports first weekly supply rise of the season
By MYRA P. SAEFONG
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 62 billion cubic feet for the week ended April 27.
That marked the first weekly increase of the injection season-a time when inventories build ahead of the expected rise in summer cooling demand.
Analysts surveyed by S&P Global Platts had forecast a climb of 49 billion cubic feet and on average over the last five years for the same week, inventories rose by 69 billion cubic feet.
Total stocks now stand at 1.343 trillion cubic feet, down 903 billion cubic feet from a year ago, and 534 billion below the five-year average, the government said.
June natural gas lost 4.6 cents, or 1.7%, at $2.708 per million British thermal units, down from $2.725 before the data.