Natural Gas Falls To Six-week Lows Following EIA’s Data

Natural-gas futures looked set to settle at the lowest levels in the last six weeks on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity fell much less-than-expected last week.

February natural gas, which has already slumped by more than 17% amidst concerns that warmer weather would hurt demand for the heating fuel, extended its down rally to the sixth-straight session. After the EIA’s data showed that the U.S. natural gas supplies fell by 49 billion cubic feet for the week ended Dec. 30, prices plunged to as low as $3.169 per million British thermal units. The data was much lower than the 106 billion cubic feet expected by economists.

According to the government report, total stocks now stand at 3.311 trillion cubic feet, down 364 billion cubic feet from a year ago and 21 billion cubic feet below the five-year average.

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