Natural Gas Futures Rise on Low Addition to US Stockpiles

Bloomberg reported that natural gas futures rose in New York following news from the US Energy Information Administration that US stockpiles have risen less than analysts expected.

As quoted in the market news:

Inventories rose 78 billion cubic feet in the week ended Aug. 8 to 2.467 trillion, according to the U.S. Energy Information Administration. The median of 19 estimates compiled by Bloomberg showed a gain of 82 billion, as 18 of the analysts overestimated the size of the storage addition. The gain was the smallest since the week ended May 4 as hot weather boosted deliveries to power plants.

Natural gas for September delivery rose 7.5 cents, or 2 percent, to $3.906 per million British thermal units on the New York Mercantile Exchange. Volume for all futures traded was 57 percent above the 100-day average at 2:46 p.m. Prices are up 17 percent from a year ago.

Click here to read the full Bloomberg report.