The Energy Information Administration said that natural gas in storage grew by 24 billion cubic feet to 3.241 trillion cubic feet for the week ended August 3.
Analysts had forecast an increase of 30 billion cubic feet.
Total natural gas inventories are now 13.5% above the five-year average of 2.855 trillion cubic feet for this week and 16.8% above last year’s level of 2.776 trillion cubic feet, according to the government data.
Stockpiles rose to 60% above the five-year average earlier this year after a mild winter cut demand for natural gas to heat homes and businesses, sparking fears that supplies would exceed available storage capacity by the end of the year.
Natural gas prices dropped more than 1% on Wednesday, as long-term forecasts cooler weather across much of the U.S. dampened the outlook for gas-powered electricity demand.
Cooler-than-normal temperatures decrease the need for gas-fired electricity to power air conditioning, lower demand for natural gas. Natural gas accounts for about a quarter of U.S. electricity generation.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were up 0.65% to USD93.96 a barrel, while heating oil for September delivery climbed 0.51% to USD3.0316 per gallon.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment