Natural Gas Futures Jump High after Smaller-than-expected Rise in U.S. supplies
Natural gas futures prices jumped nearly 2.8 percent on Thursday after data from the U.S. Energy Information Administration showed a smaller-than-expected rise in U.S. supplies.
Natural gas futures prices for June delivery rose to $3.435 per million British thermal units on Thursday – their highest level since January 26th. Data by the EIA showed that U.S. natural gas supplies rose by 45 billion cubic feet for the week ended May 5. Analysts had expected a build of 61 billion to 62 billion cubic feet.
As stated by the report, total stocks now stand at 2.301 trillion cubic feet, down 372 billion cubic feet from a year ago, but 275 billion cubic feet above the five-year average.
Buy Stop at 3.430, Take profit 3.490, Stop loss at 3.400