Commodities – Natural Gas Futures Extend Losses After Storage Data

Investing.com – The U.S. Energy Information Administration said in its weekly report that in the U.S. fell by 93 billion cubic feet in the week ended March 9, while analysts had forecast a decline of 96 billion.

Thursday’s data compared with a draw of 57 billion cubic feet (bcf) in the preceding week and represented a decline of 718 billion from a year earlier and was also 296 bcf below the five-year average.

Total U.S. storage stood at 1.532 trillion cubic feet, 31.9% lower than levels at this time a year ago and also 16.2% below the five-year average for this time of year.

After the report, for delivery in April on the New York Mercantile Exchange fell 4.0 cents, or about 1.5%, to trade at $2.699 per million British thermal units by 10:33AM ET (14:33GMT).

Futures had been down 0.8 cents, or about 0.3%, at $2.731 prior to the release of the supply data.

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