Natural gas futures soar over 3% on upbeat inventory data

Economies.com
2017-08-10 19:10PM UTC

Natural gas futures rallied over three percent as the dollar index declined, following earlier data from the US, the world's largest energy consumer, including the EIA report that showed a smaller-than-expected inventory buildup last week. 

 

As of 08:04 GMT, natural gas futures due on September 15 rose 3.36% to $2.980 per million British thermal units from the opening of $2.877, with an intraday high at $2.995, and a low at $2.872, while the dollar index shed 0.16% to 93.40 from the opening of 93.55. 

 

Earlier US data showed producer prices shrank unexpectedly in July, as core prices also fell, while yearly readings for both slowed down unexpectedly last month. 

 

Similarly, unemployment claims for the week ending august 5 rose to 244 thousand from 241K, above expectations of 240K, while continuing claims for the week ending July 29 fell 16 thousand to 1.951 million from 1.967M, below expectations of 1.96M.  

 

More pertinently, the Energy Information Administration released its report on US natural gas stocks, showing a buildup of 28 billion cubic feet in the week ending August 4, adding to the 20B increase in the previous reading, while analysts expected a 38B rise. 

 

Total stocks now reached 3.038 trillion cubic feet, up from 3.010 trillion in the week ending July 28, which is below the total of the same period in 2016 at 3.313 trillion, while above the five-year average of 2.977 trillion. 

 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...