Natural gas prices climb nearly two percent after forecast-beating inventory drawdown

Natural gas prices rose nearly two percent in American trade as the dollar index fell according to their inverse relation, following earlier data from the U.S., the world's largest energy consumer, including the EIA report on U.S. natural gas storage, showing a more-than-expected drawdown last week.
 
As of 08:24 GMT, natural gas futures due on April 15 rose 1.69% to $2.950 per million British thermal units from the opening of $2.901, with an intraday high at $2.983, and a low at $2.889, while the dollar index fell 0.17% to 101.90 from the opening of 102.14.
 
Earlier U.S. data showed unemployment claims rose to 243 thousand in the week ending March 4, up from 223K in the previous reading, while analysts expected 239K, while continuing claims fell by 6 thousand to 2.058 million in the week ending February 28 from 2.064 million in the previous reading, while analysts expected 2.062 milliom.
 
In a separate report, U.S. import prices rose 0.2% m/m in February, slowing down from January's 0.4% rise, while analysts expected a 0.1% gain.
 
Similarly, the Energy Information Administration's report on U.S. natural gas storage showed a drawdown of 68 billion cubic feet in the week ending March 3, compared to a 7B buildup in the previous reading, while analysts expected a 59B drawdown, with the total now reaching 2.295 trillion cubic feet, compared to 2.363 trillion in the previous reading, becoming thereafter lower than the total in the same period of 2016 at 2.487 trillion, while above the five-year average of 1.932 trillion.