Natural Gas Surges High as U.S. Inventories Fall Larger-than-expected

U.S. natural gas rose to a nearly three-week high on Thursday after a weekly report showed that U.S. domestic supplies of the commodity fell sharper than expected.

April natural gas surged more than 2.1% to $2.974 per million British thermal units as data from the U.S. Energy Information Administration indicated that inventories dropped by 68 billion cubic feet for the week ended March 3, which was well above economists’ expectations calling for a decline of 58 billion cubic feet.

According to government data, total stocks now stand at 2.295 trillion cubic feet, down 192 billion cubic feet from a year ago, but 363 billion cubic feet above the five-year average.

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