Natural gas rises 2% after US inventory data

Natural gas futures rose over two percent in American trade off July 25 lows, while the dollar index scaled July 20 highs, following earlier data from the US, the world's largest energy consumer, which showed inventories rose less than expected last week. 

As of 07:58 GMT, natural gas futures due on September 15 rose 2.14% to $2.82 per million British thermal units, marking week highs, while the dollar index muscled up 0.47% against a basket of major currencies to 95.10. 

The Energy Information Administration released its weekly report on US natural gas storage, showing a buildup of 35 billion cubic feet in the week ending July 27, adding to the 24 billion in the previous reading, while analysts expected a 39 billion increase. 

Total stocks are now up to 2.308 trillion cubic feet from 2.273 trillion in the week ending July 20, which is below the total of the same period in 2017 at 2.996 trillion, while also below the five-year average at 2.873 trillion.

Other US data showed unemployment claims rose a thousand to 218 thousand from 217 thousand, while continuing claims fell 23 thousand in the week ending July 21 to 1.724 million from 1.747 million, confounding expectations of 1.750 million

Factory orders rose 0.7% in June as expected, up from 0.4% in May.