Investing.com - Natural gas futures tumbled to a six-month low on Thursday, after data showed that U.S. natural gas supplies rose more than expected last week.
On the New York Mercantile Exchange, natural gas for delivery in August fell to a session low of $3.957 per million British thermal units, the weakest level since January 10, before trimming losses to last trade at $3.971 during U.S. morning hours, down 3.61%, or 14.8 cents.
Futures traded at $4.051 prior to the release of the supply data. Futures were likely to find support at $3.953 per million British thermal units, the low from July 10 and resistance at $4.146, the high from July 16.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 11 rose by 107 billion cubic feet, above expectations for an increase of 98 billion cubic feet.
The five-year average change for the week is an increase of 65 billion cubic feet.
Total U.S. natural gas storage stood at 2.129 trillion cubic feet. Stocks were 608 billion cubic feet less than last year at this time and 727 billion cubic feet below the five-year average of 2.856 trillion cubic feet for this time of year.
Natural gas prices have been under pressure in recent sessions after updated weather-forecasting models called for cooler temperatures across most parts of the heavily-populated Midwest and Northeast regions over the next five days.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Elsewhere on the Nymex, U.S. crude oil for delivery in August rose 0.95%, or 96 cents, to trade at $102.17 a barrel, while heating oil for August delivery dipped 0.17% to trade at $2.852 per gallon.
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