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Bloomberg reported that natural gas futures jumped up to a six-week high after a government report revealed that inventories were more depleted than forecast.
Bloomberg reported that natural gas futures jumped up to a six-week high after a government report revealed that inventories were more depleted than forecast.
As quoted in the market report:
Gas rose as much as 3.8 percent after the Energy Information Administration said stockpiles fell 146 billion cubic feet in the week ended March 1 to 2.083 trillion, sending a year-over-year deficit to the widest since July 2008. Analyst estimates compiled by Bloomberg showed a decline of 132 billion cubic feet. Below-normal temperatures swept across most of the U.S. last week, according to Commodity Weather Group LLC.