U.S. natural gas inventories gain

According to the U.S. Energy Information Administration the Natural Gas Storage has increased by 88 million cubic feet last week and reached 2,141 trillion cubic feet, compared to 2 053 trillion the preceding week. This is 3 million more than the 2 138 billion cubic feet forecast. Inventories rose by 72 billion cubic feet during the same week last year. The five-year average is a gain of 92 million cubic feet.

On the New York Mercantile Exchange July natural gas futures traded at $4.111, down 1.75% on the dya.

Natural gas futures came under selling pressure yesterday as the June contract expired at the end of Wednesday’s trading session. Contract expiration often leads to volatile sessions as traders look to reposition or close positions.