Natural Gas Prices Extend Losses After A Larger-than-expected Rise in U.S. Supplies

Natural gas futures prices fell on Thursday; extending their downward rally to a third session in a row after a weekly report showed a larger-than-expected rise in U.S. supplies of the commodity.

Natural gas futures prices for June delivery dropped more than 1.1 percent from Wednesday’s settlement to trade around $3.260 per million British thermal units after the data release.

As stated by the U.S. Energy Information Administration, U.S. natural gas supplies rose by 75 billion cubic feet for the week ended May 19, topping analysts’ forecast for a build of 67 billion cubic feet. According to the report, total stocks now stand at 2.444 trillion cubic feet, 241 billion cubic feet above the five-year average.

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