U.S. Natural Gas Gains as September Contract Expires
Dow Jones08-28 03:32
1532 ET - U.S. natural gas futures settle higher as the EIA reports a smaller-than-usual storage injection for last week that reduced the inventory surplus over the five-year average by 18 billion cubic feet to 167 Bcf. Underground storage rose by 15 Bcf to 3,184 Bcf, the EIA said. "The past two reports likely represent the tightest conditions of the peak summer season, with just 31 Bcf added to inventories since August 7," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "The recent heat wave should keep the next two reported injections relatively modest, but inventories are expected to remain on a generally healthy trajectory." The Nymex September contract goes off the board at $2.907/mmBtu, up 2.3%.
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