MTECHTIPS:-U.S. natural gas jumps almost 3% after bullish weekly
MTECHTIPS:-U.S. natural gas jumps almost 3% after bullish weekly storage data
MTECHTIPS-U.S. natural gas futures rose sharply on Thursday, after data showed that natural gas supplies in storage in the U.S. rose less than anticipated last week. U.S. natural gas for July delivery was at $3.010 per million British thermal units by 10:35 AM ET (1435 GMT), up 8.0 cents, or around 2.7%. Futures were at around $2.952 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 78 billion cubic feet in the week ended June 9, below forecasts for a build of 86 billion. That compared with a gain of 106 billion cubic feet in the preceding week, an increase of 69 billion a year earlier and a five-year average rise of 87 billion cubic feet. Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S. Energy Information Administration, 10.6% lower than levels at this time a year ago but 8.4% above the five-year average for this time of year. Prices of the fuel notched a third-straight decline on Wednesday after falling to its lowest since March 20 at $2.916, as forecasts for below-normal temperatures across most parts of the U.S. over the next two weeks weighed.
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