Natural gas retreats after US inventory surge

Economies.com
2018-10-04 19:52PM UTC

Natural gas futures fell over one percent in American trade away from January 26 highs, as the dollar index scaled August 20 highs, after earlier US data showed a spike in inventories past forecasts. 

 

As of 07:46 GMT, natural gas futures due in November fell 1.39% to $3.19 per million British thermal units away from nine-month highs, while the dollar index inched up to 95.77 away from July 9 lows. 

 

The Energy Information Administration released its report on US natural gas inventories, showing a buildup of 98 billion cubic feet in the week ending September 28, adding to the 46 billion increase in the previous week, while analysts expected only a 47 billion build. 

 

Total stocks are now down to 2.8666 trillion cubic feet from 2.768 trillion in the week ending September 21, which is below the total of the same period in 2017 at 3.502 trillion, while also below the five-year average at 3.473 trillion. 

 

Other US data showed unemployment claims fell 8 thousand in the week ending September 29 to 207 thousand, while continuing claims fell 13 thousand to 1.650 million in the week ending September 22. 

 

Federal Reserve Governor Randal Quarles spoke about trends in community banks at the Community Banking in the 21st Century conference at the Federal Reserve Bank of St. Louis. 

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