Natural gas prices edge lower after first inventory buildup in 14 weeks

Natural gas futures tilted lower in American trade as the dollar index rose according to their inverse relation, following a spate of data from the U.S., the world's largest energy consumer, including the EIA report that showed the first inventory buildup in 14 weeks.
 
As of 08:53 GMT, natural gas futures due on April 15 fell 0.11% to $2.797 per million British thermal units from the opening of $2.799, with an intraday low at $2.730, and a high at $2.835, while the dollar index rose 0.37% to 102.16 from the opening of 101.88.
 
Earlier data from the world's largest economy showed unemployment claims fell sharply to 223 thousand in the week ending February 25 from 242K in the previous reading, revised lower from 244K, while analysts expected 245K.
 
Continuing claims rose to 2.066 million in the week ending February 18 from 2.063M, while analysts expected 2.060M.

On the same note, the Energy Information Administration released its report on U.S natural gas storage, showing a rise of 7 billion cubic feet in the week ending February 24, compared to a 89B deficit in the previous reading, and missing expectations of a 5B drawdown, with the total stocks now reaching 2.363 trillion cubic feet, up from 2.356 trillion in the week ending February 18, which is lower than stocks in the same period of 2016 at 2.550 trillion, while above the five-year average of 2.068 trillion.