Investing.com - Natural gas futures turned higher on Thursday, after data showed that U.S. natural gas supplies rose broadly in line with market expectations last week.
On the New York Mercantile Exchange, natural gas for delivery in August fell to a session low of $4.331 per million British thermal units, the weakest level since May 15, before turning higher to last trade at $4.397 during U.S. morning hours, up 0.91%, or 4.0 cents. Futures traded at $4.341 prior to the release of the supply data.
Natural gas futures ended Wednesday’s session down 2.2%, or 9.8 cents, to settle at $4.357 after updated weather-forecasting models pointed to cooler summer weather, which was likely to dampen demand for the cooling fuel.
Futures were likely to find support at $4.289 per million British thermal units, the low from May 15 and resistance at $4.459, the high from July 2.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended June 27 rose by 100 billion cubic feet, in line with expectations.
The five-year average change for the week is an increase of 68 billion cubic feet.
Total U.S. natural gas storage stood at 1.929 trillion cubic feet. Stocks were 666 billion cubic feet less than last year at this time and 790 billion cubic feet below the five-year average of 2.719 trillion cubic feet for this time of year.
Natural gas stockpiles have grown by 100 or more billion cubic feet for eight consecutive weeks, a record streak since 1994.
Producers would need to add approximately 2.6 trillion cubic feet to storage by November 1 to meet typical winter demand, analysts said.
Elsewhere on the Nymex, crude oil for delivery in August shed 0.52%, or 55 cents, to trade at $103.94 a barrel, while heating oil for August delivery dipped 0.26% to trade at $2.938 per gallon.
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