MTECHTIPS:-U.S. natural gas futures turn positive after storage data

MTECHTIPS:-U.S. natural gas futures turn positive after storage data

MTECHTIPS-U.S. natural gas futures turned positive in North American trade on Thursday, immediately after data showed that natural gas supplies in storage in the U.S. rose less than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 57 billion cubic feet in the week ended July 7, while analysts had forecast an increase of 59 billion. Natural gas for delivery in August on the New York Mercantile Exchange gained 0.8 cents, or 0.27%, to trade at $2.993 per million British thermal units by 10:31 AM ET (14:31 GMT). Futures were down 0.1% at around $2.982 prior to the release of the supply data. Thursday’s reading compared with a build of 72 billion cubic feet (bcf) in the preceding week and represented a decline of 289 billion from a year earlier but was 172 bcf above the five-year average. Total U.S. natural gas storage stood at 2.945 trillion cubic feet, 8.9% lower than levels at this time a year ago and 6.2% above the five-year average for this time of year
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