Natural gas ekes out gains after EIA inventory report

Natural gas futures rose in American trade from March 27 lows for the second session even as the dollar index rebounded from March 28 lows, following earlier data from the US, the world's largest energy consumer, including the EIA report that showed an inventory drawdown for the seventeenth week in a row. 

As of 07:53 GMT, natural gas futures due on May 15 rose 0.56% to $2.690 per million British thermal units from the opening of $2.675, while the dollar index rose 0.22% to 89.77 from the opening of 89.57. 

Earlier US data showed unemployment claims fell 9 thousand to 233 thousand from 242K in the previous reading, above expectations of 231K, while import prices steadied at zero, compared to a 0.3% rise in February, and missing expectations of 0.2%. 

The Energy Information Administration released its report on US natural gas inventories, showing a drawdown of 19 billion cubic feet in the week ending April 6, compared to a 29B drop in the previous reading, while analysts expected a 11B drawdown. 

Total stocks have now fallen to 1.335 trillion cubic feet from 1.354 trillion in the week ending March 30, which is below the total in the same period of 2017 at 2.060 trillion, and also below the five-year average at 1.710 trillion.