Natural Gas Futures Rally as U.S. Domestic Supplies Advance Less Than Expected
U.S. natural gas futures prices jumped sharply on Thursday after a weekly report showed U.S. domestic supplies of natural gas rose much less than expected last week.
September natural gas climbed more than 3% to trade around $2.960 per million British thermal units after data released by the U.S. Energy Information Administration on Thursday pointed to a rise of 28 billion cubic feet for the week ended Aug. 4. Analysts had forecast for a build of 37 billion cubic feet.
According to the data, total stocks now stand at 3.038 trillion cubic feet, down 275 billion cubic feet from a year ago, but 61 billion cubic feet above the five-year average.
Buy Stop at 2.960, Take profit at 3.040, Stop loss at 2.920