U.S. Natural Gas Futures Fall as Storage Expands

Dow Jones08-07 03:10

1509 ET - U.S. natural gas futures settle lower after a weekly inventory build comes in slightly above expectations while increasing the storage surplus over the five-year average. Gas stored in underground facilities rose by 33 Bcf to 3,117 Bcf, putting inventories 195 Bcf above the 2021-2025 average for the time of year, the EIA said. "Selling pressure intensified following the release of the storage report, and prices quickly moved to new intraday lows," says Andy Huenefeld of Pinebrook Energy Advisors. "Market participants appear to be looking past the upcoming heat wave and are instead focused on the strong storage position and the impending start of the shoulder season." Nymex natural gas settles down 1.8% at $2.640/mmBtu.

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