Natural gas prices shed nearly one percent after inventory buildup

Natural gas futures tumbled nearly one percent in American trade as the dollar index settled higher according to their inverse relation, which follows earlier data from the U.S., including the weekly report on U.S. natural gas stocks, showing a more-than-expected buildup last week. 

As of 07:54 GMT, natural gas futures due on June 15 fell 0.89% to $3.242 per million British thermal units from the opening of $3.271, with an intraday low at $3.207, and a high at $3.274, while the dollar index rose 0.06% to 99.11 from the opening of 99.05. 

The Energy Information Administration's report on U.S. natural gas stocks showed a rise in buildups to 74 billion cubic feet in the week ending April 21, adding to a 54B buildup in the previous reading, and passing expectations of a 72B rise. 

Total stocks have reached 2.189 trillion cubic feet from 2.115 trillion in the week ending April 14, which is below the total of the same period of 2016 at 2.547 trillion, while above the five-year average of 1.890 trillion. 

Additionally, U.S. unemployment claims rose unexpectedly, while durable goods orders rose less than expected, as core orders fell unexpectedly. 

The U.S. goods trade balance registered a less-than-expected deficit, while wholesale inventories fell unexpectedly in March. Finally, pending home sales fell more than expected last month.