Natural gas futures tumbled more than 1.5% on Thursday after the Energy Information Administration reported that last weeks increase in the U.S. natural gas inventories exceeded both the five-year average and last years build and underperformed analysts projections.
On the New York Mercantile Exchange, natural gas futures for November settlement fell by 1.73% to $3.485 per million British thermal units at 14:47 GMT. Prices held in a wide range between days high of $3.564 and a 1-month low of $3.464 per mBtu. The fuel fell by 0.1% on Wednesday, a seventh consecutive daily decline, and extended its weekly loss to 5.4%.
Gas extended its retreat on Thursday after the Energy Information Administration reported that U.S. natural gas inventories added 87 billion cubic feet in the week ended September 20, compared to the five-year average increase of 75 billion and last years 79 billion build during the comparable week. Analysts expected a gain in the range between 61 billion and 71 billion cubic feet.
Natural gas held in underground storage hubs now totaled 3.386 trillion cubic feet, which is 5% below last 2012s 3.565 trillion. However, the surplus over the five-year average total value of 3 356 billion cubic feet widened to 0.9%.
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