Natural gas rebounds from one-week low

Natural gas futures rose over one percent in American trade away from May 19 lows while the dollar index eked out small gains, shrugging off earlier US data that showed a larger-than-expected inventory buildup last week. 

As of 07:18 GMT, natural gas futures due on June 15 rose 1.46% to $2.856 per million British thermal units from the opening of $2.815, while the dollar index inched up 0.09% to 93.47 from the opening of 93.39. 

Earlier US data showed unemployment claims rose 11 thousand to 222 thousand from 211 thousand, above estimates of 216 thousand, while continuing claims fell 87 thousand in the week ending May 5 to 1.707 million from 1.794 million, as analysts expected 1.780 million.

The Philly Manufacturing Index rose to 34.4 in May from 23.2 in April, beating forecasts of 21.1, while the CB leading index is expected to have risen 0.4% in April, up from 0.3% in March. 

The Energy Information Administration released its report on US natural gas inventories, showing a buildup of 106 billion cubic feet in the week ending May 11, up from 89 billion in the previous reading, while analysts expected a 105 billion buildup. 

Total stocks now reached 1.538 trillion cubic feet, up from 1.432 trillion in the week ending May 4, but still below the total of the same period in 2017 at 2.359 trillion, while also below the five-year average at 2.039 trillion.