Natural gas inventories rose generally in line with expectations of 90 billion cubic feet. In the week ending June 14, the Natural Gas Storage Indicator rose by 91 billion cubic feet to 2 438 billion, up from the preceding weeks 2 347. Natural gas stockpiles for the last week were 18.7% below last years reading of 2 997 billion cubic feet and 1.9% below the five-year average 2 485 billion.
On the New York Mercantile Exchange, natural gas dropped 2.12% on the day, pressured by the stronger dollar. Natural gas futures for July delivery traded at $3.879 at 14:38 GMT, ranging between daily high and low at $3.965 and $3.855 per million British thermal units respectively.
In the short-term gas prices are expected to rise as weather forecasting models suggested above average warmer weather throughout the week. Gas prices tend to rise during the summer season as increased electricity demand to power air-conditioning calls for more supply of the fuel, which is used for a quarter of the U.S. electricity generation.
Elsewhere on the market, WTI crude fell 3% on the day, standing at $95.53 a barrel at 14:41 GMT. Light, sweet crude ranged wide between days high and low at $98.21 and $95.33 per barrel respectively.
Meanwhile, Brent oil tumbled 3.30% during the day. The European benchmark stood at $102.62 at 14:42 GMT, varying between days high at $105.81 and low of $102.59.
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