Natural gas prices tumble over 1% after US inventory buildup

US natural gas prices fell over one percent even as the dollar index hit another 11-month trough, following earlier data that included the EIA inventory report, which showed another US buildup for the 16th week in a row. 

As of 07:56 GMT, natural gas inventories due on August 15 fell 1.37% to $3.024 per million British thermal units from the opening of $3.066, with an intraday low at $3.023, and a high at $3.114, while the dollar index fell 0.47% to 94.33 from the opening of 94.78. 

Earlier US data showed a bigger than expected drop in weekly unemployment claims, while the Philly manufacturing index slowed down more than forecast in July. 

Otherwise, the Energy Information Administration released its report on US natural gas inventories, showing a buildup of 28 billion cubic feet in the week ending July 14, adding to the previous reading's 57B increase, and below expectations of 38B. 

Total stocks have now reached 2.973 billion cubic feet from 2.945 billion in the week ending July 7, which is below the total in the same period of 2016 at 3.272 trillion, while above the five-year average at 2.832 trillion.