Natural gas futures soar over four percent past $3

Natural gas futures surged in American trade even as the dollar index continued its rebound off a seven-month trough, after the EIA inventory report showed a less-than-expected buildup last week. 

As of 07:23 GMT, natural gas futures due on July 16 rallied 4.40% to $3.062 per million British thermal units from the opening of $2.943, with an intraday high at $3.066, and a low at $2.929, while the dollar index rose 0.58% to 97.50 from the opening of 96.94. 

The Energy Information Administration released its report on US natural gas storage, showing a buildup of 78 billion cubic feet in the week ending June 9, below expectations of 88 billion, and compared to the 106B buildup of the previous reading.

Total stocks have now risen to 2.709 trillion cubic feet from 2.631 trillion in the week ending June 2, which is below the total of the same period of last year at 3.031 trillion, while above the five-year average of 2.481 trillion.

Other US data showed unemployment claims down more than expected last week, while the Empire State Manufacturing Index surged past forecasts in June.

The Philly Manufacturing Index slowed down less than expected in the same month, as import prices fell unexpectedly, while industrial production steadied at zero, as the Capacity Utilization Rate fell unexpectedly.