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MTECHTIPS;-U.S. natural gas futures stay lower after weekly storage data

Friday, March 31, 2017 1:37
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MTECHTIPS;-U.S. natural gas futures stay lower after weekly storage data

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MTECHTIPS-U.S. natural gas futures declined on Thursday, holding on to losses after data showed that natural gas supplies in storage in the U.S. fell broadly in line with market expectations last week. U.S. natural gas for May delivery shed 3.4 cents, or around 1.1%, to $3.197 per million British thermal units by 10:35 AM ET (14:35 GMT). Futures were at around $3.196 prior to the release of the supply data. It settled higher for the second day in a row on Wednesday after touching its strongest January 31 at $3.253 The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 43 billion cubic feet in the week ended March 24, compared to forecasts for a drop of 42 billion. That compared with a withdrawal of 150 billion cubic feet in the preceding week, a decline of 25 billion a year earlier and a five-year average drop of 27 billion cubic feet. Total natural gas in storage currently stands at 2.049 trillion cubic feet, according to the U.S. Energy Information Administration, 17.1% lower than levels at this time a year ago but 12.2% above the five-year average for this time of year

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