Natural gas slides for second session on US inventory build

2018-10-11 23:25:13 GMT (
Natural gas slides for second session on US inventory build

Natural gas futures fell nearly two percent in American trade away from January 29 highs, while the dollar index backed off August 20 highs, following earlier inflation and labor data from the US, while the EIA report showed another inventory build for the 23rd week in a row. 


As of 07:56 GMT, natural gas futures due in November tumbled 1.89% to $3.22 per million British thermal units away from nine-month highs, while the dollar index swooned 0.49% to 95.04, plumbing September 28 lows. 


US Storage Build


The Energy Information Administration released its report on US natural gas inventories, showing a build of 90 billion cubic feet in the week ending October 5, adding to the 98 billion in the previous reading, while analysts expected 87 billion. 


total stocks are now up to 2.956 trillion cubic feet from 2.866 trillion in the previous reading, which is below the total of the same period in 2017 at 3.585 trillion, while also below the five-year average of 3.563 trillion. 


US Inflation, Labor Data 


Other US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 


On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 


Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.


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