MTECHTIPS:-U.S. natural gas turns higher after bullish storage data

MTECHTIPS:-U.S. natural gas turns higher after bullish storage data

MTECHTIPS- U.S. natural gas futures reversed losses on Thursday morning to bounce off a more than one-week low after data showed that natural gas supplies in storage in the U.S. fell more than expected last week. Natural gas for February delivery on the New York Mercantile Exchange tacked on 2.7 cents, or 1%, to $3.333 per million British thermal units by 10:35 AM ET (15:35 GMT). Futures were at around $3.298 prior to the release of the supply data after falling to a session low of $3.257 earlier, a level not seen since January 11. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 243 billion cubic feet in the week ended January 13, exceeding market expectations for a drop of 231 billion cubic feet. That compared with a withdrawal of 151 billion cubic feet in the preceding week, 178 billion a year earlier and a five-year average drop of 170 billion cubic feet. Total natural gas in storage currently stands at 2.917 trillion cubic feet, according to the U.S. Energy Information Administration, 12.9% lower than levels at this time a year ago and around 2.6% below the five-year average for this time of year
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