Natural Gas Trades Higher, Boosted by Less-than-expected U.S. Storage Data
U.S. natural gas futures advanced on Thursday, boosted higher than a weekly report showing natural gas supplies in storage in the U.S. rose less than expected last week.
Natural gas for delivery in August added nearly 0.9 percent on the New York Mercantile Exchange to trade around $3.0010 in North American trade on Thursday.
Data released by the U.S. Energy Information Administration showed that natural gas storage in the U.S. rose by 57 billion cubic feet in the week ending on July 7. This was below analysts’ forecast for an increase of 59 billion.
According to the report, total stocks now stand at 2.945 trillion cubic feet, down 289 billion cubic feet from a year ago, but 172 billion cubic feet above the five-year average.
Sell Stop at 3.0100, Take profit at 3.0400, Stop loss at 3.000