Natural Gas Unchanged after Storage Data
On Thursday morning at 10:30 ET, the U.S. Energy Information Administration released its weekly report on natural gas stockpiles. Natural gas stockpiles increased 28 bcf, which was slightly lower than estimates, as analysts' anticipated an inventory build of 29 bcf.
The commodity initially moved slightly higher on heavy volume after the data was reported, as inventories increased basically in-line to what was anticipated.
From the EIA report, "Working gas in storage was 2,576 Bcf as of Friday, April 27, 2012, according to EIA estimates. This represents a net increase of 28 Bcf from the previous week. Stocks were 840 Bcf higher than last year at this time and 857 Bcf above the 5-year average of 1,719 Bcf. In the East Region, stocks were 425 Bcf above the 5-year average following net injections of 20 Bcf. Stocks in the Producing Region were 325 Bcf above the 5-year average of 715 Bcf after a net withdrawal of 1 Bcf. Stocks in the West Region were 107 Bcf above the 5-year average after a net addition of 9 Bcf. At 2,576 Bcf, total working gas is above the 5-year historical range."
Natural Gas has been a very volatile commodity over the last number of years. The commodity that helps heat our homes has seen lows of under $2.00 and highs of over $15.00. However, within the last few years, natural gas has not traded above $10.00. The commodity has been in a downtrend ever since 2008.
Currently, natural gas futures are trading over 4.3% higher on the session at $2.34. (NYSE: UNG)
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.