Natural gas futures rise over one percent in American trade

Economies.com
2017-01-26 20:19PM UTC

Natural gas futures rose over one percent in American trade, shrugging off the dollar's rise, which follows a stream of data from the U.S., the world's largest energy consumer, including the weekly EIA report that showed a drawdown in U.S. natural gas stocks.
 
As of 08:54 GMT, natural gas futures due on February 14 rose 1.26% to $3.374 per million British thermal unit from the opening of $3.332, with an intraday high at $3.494, and a low at $3.322, while the dollar index rose 0.37% to 100.40 from the opening of 99.86.
 
Earlier U.S. data showed unemployment claims up to 259 thousand in the week ending January 21 from 237K in the previous reading, while analysts expected  247K, while continuing claims also rose to 2.1 million in the week ending January 14 from 2.046M in the previous reading.

The U.S. goods trade balance registered a deficit of $65.0 billion in December, up from $66.6B, while analysts expected $64.5B.

 Wholesale inventories rose 1.0%, matching the previous reading and above expectations of a 0.9% rise.

Additionally, the U.S. services PMI jumped to 55.1 in January from 53.9 in the previous reading, besting expectations of 54.4, while new home sales tumbled 10.4% in December to 536 thousand units, compared to a 4.7% rise in November to 598K, while analysts expected a 1.2% fall to 585K.

The CB leading index rose 0.5% in December, matching expectations and compared to 0.1% in November.
 
Finally, the Energy Information Administration released its report on U.S. natural gas storage, showing a withdrawal of 119 billion cubic feet in the week ending January 20, compared to a 243B withdrawal in the previous reading, while analysts expected a deficit of 121B, with total stocks now reaching 2.798 trillion cubic feet from 2.917 trillion in the week ending January 13, which is lower than the same period in 2016 at 3.146 trillion, and lower than the five-year moving average at 2.818 trillion.

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