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MTECHTIPS :- Natural gas prices bounce off 17-year lows after U.S. storage data
U.S. natural gas futures bounced off 17-year lows in North American trade on Thursday, after data showed U.S. natural gas supplies in storage fell more than expected last week. Natural gas for delivery in April on the New York Mercantile Exchange fell to an intraday low of $1.633 per million British thermal units, a level not seen since February 1999, before recovering to trade at $1.667 by 15:35GMT, or 10:35AM ET, down 1.1 cents, or 0.66%. Prices were at around $1.648 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. in the week ended February 26 declined by 48 billion cubic feet, more than expectations for a decline of 41 billion. That compares with draws of 117 billion cubic feet in the prior week, 198 billion cubic feet in the same week last year and a five-year average of around 138 billion. Total U.S. natural gas storage stood at 2.536 trillion cubic feet, 31.3% higher than levels at this time a year ago and 26.3% above the five-year average for this time of year. Some market experts worry there may be too much gas left in storage at the end of March when utilities traditionally start injecting the fuel back into storage for the next winter. A day earlier, natural gas futures sank 6.4 cents, or 3.67%, as weather models kept pointing to higher-than-normal temperatures during the first ten days of March, dampening late-winter heating demand.
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