MTECHTIPS;-U.S. natural gas futures surge after bullish storage data

MTECHTIPS;-U.S. natural gas futures surge after bullish storage data

MTECHTIPS- U.S. natural gas futures rose on Thursday, hitting the highest levels of the session after data showed that domestic supplies in storage increased less than expected last week. U.S. natural gas for September delivery was at $2.963 per million British thermal units by 10:50 AM ET (1450 GMT), up 8.0 cents, or around 2.8%. It touched its highest since July 28 at $2.967 earlier. Futures were at around $2.896 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 28 billion cubic feet in the week ended August 4, below forecasts for a build of 38 billion. That compared with a gain of 20 billion cubic feet in the preceding week, a build of 29 billion a year earlier and a five-year average rise of 54 billion cubic feet. Total natural gas in storage currently stands at 3.038 trillion cubic feet, according to the U.S. Energy Information Administration, 8.3% lower than levels at this time a year ago but 2% above the five-year average for this time of year. Futures ended higher on Wednesday, notching their third-straight session of gains, as near-term weather forecasts turned hotter

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