Natural gas futures edge up after US storage buildup shrank

Natural gas futures titled higher even as the dollar inched up, following earlier US data that included the EIA inventory report, which showed US storage buildup shrinking last week.

As of 07:07 GMT, natural gas futures due on July 16 rose 0.24% to $2.900 per million British thermal units from the opening of $2.896, with an intraday high at $2.962, and a low at $2.855, while the dollar index rose 0.08% to 97.64 from the opening of 97.56. 

The Energy Information Administration released its report on US natural gas stocks, showing a buildup of 61 billion cubic feet in the week ending June 16, down from 78 billion in the previous reading, while above expectations of a 55B buildup. 

Total stocks have now risen to 2.770 trillion cubic feet from 2.709 trillion in the week ending June 9, which is below the total of the same period in 2016 at 3.094 trillion, while above the five-year average of 2.563 trillion. 

Earlier US data showed unemployment claims rising in line with expectations, while the housing price index rose 0.7%, or the same as before in April, as the CB leading index accelerated below forecasts in May. 

Similarly, Federal Open Market Committee member Jerome Powell has testified in front of the Senate Committee on Banking, Housing, and Urban Affairs, in Washington DC, regarding the economic growth rate for the world's biggest economy.