Natural gas prices shed over over percent after US inventory buildup

Natural gas futures slid over one percent in American trade even as the dollar index glided away from the highest since August 18, following an array of data from the US, the world's largest energy consumer, including the EIA report that showed another inventory buildup for the 26th week in a row. 

As of 08:39 GMT, natural gas futures due on October 15 tumbled 1.24% to $3.023 per million British thermal units from the opening of $3.061, with an intraday low at $3.001, and a high at $3.081, while the dollar index declined 0.23% to 93.14 from the opening of 93.36. 

Earlier US data showed the final reading for second quarter GDP wit ha 3.1% growth rate, compared to the second reading and expectations of 3.0%, while GDP prices steadied at 1.0% in line with expectations as well, as unemployment claims rose past forecasts last week. 

The Energy Information Administration released its report on US natural gas stocks, showing another buildup of 58 billion cubic feet in the week ending September 22, adding to an increase of 97B in the previous reading, while analysts expected a 77B buildup.

Total stocks have now reached 3.466 trillion cubic feet from 3.408 trillion in the week ending September 15, which is below the total of the same period in 2016 at 3.593 trillion, while above the five-year average at 3.425 trillion.