Natural Gas Futures Extend Downward Rally on Swelling U.S. Domestic Supplies
U.S. natural gas futures prices extended losses on Friday, heading for a decline for a fifth session in a row and on course for the biggest weekly drop since late-January.
Natural gas futures for July delivery were down nearly 0.6 percent in Asian trading hours on Friday, weighed down by data from the U.S. Energy Information Administration released on Thursday that showed domestic supplies rose more than expected.
According to the report, natural gas storage in the U.S. added 81 billion cubic feet for the week ended May 26, topping analysts’ expectation calling for a rise of 74 billion cubic feet. Total stocks now stand at 2.525 trillion cubic feet, 225 billion cubic feet above the five-year average.
Sell Stop at 3.020, Take profit 2.950, Stop loss at 3.050