Natural gas slumps 3% on US inventory build

Economies.com
2018-10-18 21:05PM UTC

Natural gas futures tumbled nearly 3% in American trade as the dollar index hit October 9 highs, following earlier data from the US, the world's largest energy consumer, which showed another inventory build for the 24th week in a row. 

 

As of 07:57 GMT, silver futures due in November fell 2.80% to $3.23 per million British thermal units, while the dollar index rose 0.39% to 95.95 away from September 27 lows. 

 

US Inventory Buildup 

 

The Energy Information Administration released its report on US natural gas stocks, showing a build of 81 billion cubic feet in the week ending October 12, adding to the 90 billion increase in the previous reading, while analysts expected an 85B addition. 

 

Total stock are now up to 3.037 trillion cubic feet from 2.956 trillion in the week ending October 5, which is below the total of the same period in 2017 at 3.638 trillion, while also below the five-year average at 3.642 trillion. 

 

Otherwise less related US data showed the Philly Manufacturing Index down to 22.2 from 22.9, while unemployment claims fell 5 thousand in the week ending October 13 to 210 thousand, edging estimates of 211 thousand. 

 

Continuing claims fell 13 thousand to 1.640 million in the week ending October 6, as analysts expected 1.663 million. 

 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

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