Natural gas prices shed nearly one percent after widened inventory buildup

Natural gas futures fell nearly one percent in American trade as the dollar index settled higher, following earlier data from the US, including the EIA inventory report, which showed a widened buildup last week past expectations. 

As of 07:51 GMT, natural gas futures due on June 15 fell 0.59% to $3.19 per million British thermal units from the opening of $3.209, with an intraday low at $3.145, and a high at $3.257, while the dollar index rose 0.03% to 97.27 from the opening of 97.24. 

The Energy Information Administration released its report on US natural gas storage, showing a widened buildup of 75 billion cubic feet in the week ending May 19, adding to the 68B buildup in the previous reading, and past analysts' expectations of a 72B increase. 

Total stocks have now reached 2.444 trillion cubic feet, from 2.369 trillion in the week ending May 12, which is below the total in the same period of 2016 at 2.815 trillion, while above the five-year average at 2.203 trillion. 

 Other U.S. data showed unemployment claims rose less than expected last week, while the goods trade deficit widened unexpectedly in April, after the Federal Reserve released the minutes from the May 2-3 meeting, at which policymakers opted to hold interest rates at a range of 75% and 1%.