U.S. Natural Gas Storage Indicator rose less than expected during the week ending June 7. Natural gas stockpiles jumped by 95 billion cubic feet to 2 347 billion according to the Energy Information Administration, compared to a 111 billion gain last week, when natural gas inventories reached at 2 252 billion cubic feet.
During the same week last year, natural gas stockpiles were 20% higher, totaling 2 934 billion cubic feet. Last weeks reading is also 2.4% lower compared to the five-year average of 2 405 billion cubic feet.
On the New York Mercantile Exchange, natural gas for July delivery traded 0.60% higher following EIAs stockpiles report. The fuel stood at $3.80 per million British thermal units at 15:02 GMT. Prices ranged between daily high and low at $3.811 and $3.716 respectively.
Natural gas will most likely be supported by increased demand this month. Although forecasts showed a milder temperatures throughout the U.S., June weather is still expected to be above-the-normal warmer. Natural gas demand tends to surge in the summer months because higher temperatures increase the need for gas-powered electricity to power air conditioning.
Elsewhere on the market, WTI crude is trading 0.22% lower on the day, standing at $95.67 a barrel at 14:58 GMT. Prices ranged between daily high at $95.93 and low of $95.05 a barrel.
Brent oil for August delivery stood on the green side, up 0.30% on the day. The European benchmark traded at $103.88 at 14:59 GMT, moving between daily high and low of $103.98 and $102.80 respectively.
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