Natural gas futures rise over 1% despite US inventory buildup

Natural gas futures rose over one percent even as the dollar index settled lower, following earlier data from the US, the world's largest energy consumer, including the EIA report that showed a larger-than-expected inventory buildup last week. 

As of 08:11 GMT, natural gas futures due on September 15 rose 1.07% to $2.921 per million British thermal units from the opening of $2.890, with an intraday high at $2.939, and a low at $2.856, while the dollar index added 0.08% to 93.61 from the opening of 93.54. 

Earlier US data showed unemployment claims fell past expectations, while the Philly manufacturing index slowed down in August to 18.9 from 19.5, besting expectations of 18.3, and finally, industrial production slowed down more than expected last month, as the Capacity Utilization Rate steadied in line with expectations. 

Otherwise, the Energy Information Administration released its report on US natural gas inventories, showing a buildup of 53 billion cubic feet in the week ending August 11, compared to a surplus of 28B in the previous reading, while analysts expected an increase of 47B. 

Total stocks now have reached 3.082 trillion cubic feet, up from 3.029 trillion in the week ending August 4, which is below the total in the same period of last year at 3.336 trillion, while above the five-year average at 3.027 trillion.