Investing.com - A bearish weekly stockpile report revealing a larger-than-expected inventory build in the U.S. sent natural gas prices falling on Friday, as markets priced in a late-season cool snap and avoided the commodity.
On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.669 per million British thermal units during U.S. trading, down 1.14%. The commodity hit session high of $4.739 and a low of $4.646.
The June contract settled down 0.51% on Thursday to end at $4.723 per million British thermal units.
Natural gas futures were likely to find support at $4.487 per million British thermal units, the low from April 17, and resistance at $4.818, Thursday''s high.
The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ending April 18 rose by 49 billion cubic feet, above forecasts for an increase of 42 billion cubic feet.
Total U.S. natural gas storage stood at 899 billion cubic feet. Stocks were 831 billion cubic feet less than last year at this time and 1.008 trillion cubic feet below the five-year average of 1.907 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 470 billion cubic feet below the five-year average, following net injections of 17 billion cubic feet.
Stocks in the Producing Region were 412 billion cubic feet below the five-year average of 805 billion cubic feet after a net injection of 22 billion cubic feet.
The numbers sent natural gas prices falling on Friday, despite chilly weather trekking across the U.S., as investors have now priced the late-season cool snap into trading.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in June were down 1.14% and trading at $100.78 a barrel, while heating oil for May delivery were down 0.79% at $2.9907 per gallon.