U.S. Natural Gas Futures Surge Following Larger-than-expected Decline in Domestic Storage

U.S. natural gas futures prices rose strongly after a weekly data showed domestic supplies of the commodity fell more than expected last week.

Natural gas futures for May delivery traded near $3.230 per million British thermal units, paring early losses after data from the U.S. Energy Information Administration Thursday showed that natural gas storage fell by 43 billion cubic feet for the week ended March 24.

Analysts had expected a decline of 37 billion cubic feet last week.

According to the report, total stocks now stand at 2.049 trillion cubic feet, down 423 billion cubic feet from a year ago but 250 billion cubic feet above the five-year average.

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