Natural gas heads for worst weekly performance since October 2016

Natural gas futures tilted higher in American trade to pare some of the losses made this week, even as the dollar index rose for the fourth consecutive session to the highest since November 21, following an array of data from China and the US, the world's largest economy. 

As of 09:13 GMT, natural gas futures due on January 15 rose 0.29% to $2.771 per million British thermal units from the opening of $2.763, with an intraday high at $2.820, and a low at $2.757, while the dollar index gained 0.11% to 93.90 from the opening of 93.79. 

Earlier Chinese data showed the trade surplus widening to $264 billion from $254 billion in October, beating expectations of $238, exports outstripped imports last month. 

Earlier US data showed the unemployment rate steadied at 4.1% as expected in November, matching the October reading and holding at the lowest rate since December 2000.

US average hourly earnings rose 0.2% in November, missing expectations of a 0.3% rise, while improving from October's 0.1% dip, revised from no-change. 

The US economy added 228 thousand new jobs in November, beating expectations of 198 thousand, and compared to October's 244K, revised from 261K. 

Finally, the University of Michigan's Consumer Sentiment survey fell to 96.8 in December from 98.5 in November, revised from 97.8, while analysts expected 99.0.

Otherwise, the Energy Information Administration released its report on US natural gas storage, showing a buildup of 2 billion cubic feet in the week ending December 1, compared to a drawdown of 33 billion cubic feet in the previous reading, while analysts expected a 5B drop. 

Total stocks have now risen to 3.695 trillion cubic feet from 3.693 trillion, which is below the total of the same period in 2016 at 3,959 trillion, and also below the five-year average at 3.731 trillion.