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U.S. natural gas storage down by 47 bcf last week vs. forecast of 54 bcf - EIA

By Barani Krishnan

Investing.com -- Utilities pulled 47 billion cubic of natural gas from storage for heating and electricity generation last week, lower than the 54 bcf anticipated by industry analysts, a government report showed Thursday.

The weaker-than-forecast withdrawal left 1.853 trillion cubic feet, or tcf, of gas in U.S. inventory, the Energy Information Administration, or EIA, said in its weekly report of gas storage balances.

The current U.S. gas inventory was 31% higher from the balance at the same time a year ago and 21% up versus the five-year average for storage, the EIA said.

Benchmark natural gas futures on the New York Mercantile Exchange’s Henry Hub were down 6.4 cents, or almost 3%, by 10:40 ET (14:40 GMT), responding to the smaller-than-anticipated demand for the fuel last week.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.