Natural gas prices moved off seven-month highs on Thursday after a bearish supply report sparked a round of profit taking.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.313 per million British thermal units during U.S. trading, down 0.56%.
The commodity hit a session low of USD4.312 and a high of USD4.431.
The January contract settled up 2.36% at USD4.337 per million British thermal units on Wednesday.
Futures were likely to find support at USD4.1785 per million British thermal units, Wednesday''s low, and resistance at USD4.444, the high from May 1.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Dec. 6 fell by 81 billion cubic feet, below expectations for a withdrawal of 88 billion cubic feet.
Inventories fell by 8 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 76 billion cubic feet.
Total U.S. natural gas storage stood at 3.533 trillion cubic feet. Stocks were 273 billion cubic feet less than last year at this time and 109 billion cubic feet below the five-year average of 3.642 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 155 billion cubic feet below the five-year average, following net withdrawals of 46 billion cubic feet.
Stocks in the Producing Region were 41 billion cubic feet above the five-year average of 1.173 billion cubic feet after a net withdrawal of 9 billion cubic feet.
Elsewhere, the commodity saw some support on updated weather forecasting models calling for colder than average temperatures sticking around in key gas-consuming regions in the U.S. over the next two weeks.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January were up 0.17% and trading at USD97.61 a barrel, while heating oil for January delivery were down 1.18% and trading at USD2.9855 per gallon.
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