Natural gas prices skid after largest inventory buildup in eight months

Economies.com
2017-06-01 18:56PM UTC

Natural gas futures fell nearly two percent in American trade as the dollar gained ground, following earlier data from the US, including the EIA report that showed the largest inventory buildup last week since October. 

 

As of 06:49 GMT, natural gas futures due on July 16 tumbled 1.95% to $3.011 per million British thermal units from the opening of $3.071, with an intraday low at $2.988, and a high at $3.128, while the dollar index rose 0.29% to 97.21 from the opening of 96.92. 

 

The Energy Information Administration released its report on US natural gas storage, showing a buildup of 81 billion cubic feet in the week ending May 26, adding to a 75K increase in the previous reading, while analysts expected a 78B buildup. 

 

Total inventories now reached 2.525 trillion cubic feet from 2.444 trillion in the week ending May 19, which is below the total of the same period of last year at 2.895 trillion, while higher than the five-year average of 2.300 trillion. 

 

Other data showed a rise in private sector jobs in May, while unemployment claims rose past expectations, as markets await the official payrolls report tomorrow, while the manufacturing PMI accelerated unexpectedly in May. 

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