posteriori/E+ via Getty Images
U.S. natural gas prices rose for a fifth straight session to finish at their highest level since Aug. 9, after the Energy Information Administration’s weekly report was only slightly bearish compared to forecasts and averages.
Natural Nymex from the first month gasoline (NG1:COM) for November delivery closed +1.6% to $2.945/MMBtu, for the fifth consecutive day during which the contract gained 12.8%.
ETF: (NYSERCA:UNG), (UGAZF), (BOIL), (COLD), (UNL), (FCG)
The EIA said gas in storage increased last week by 90 billion cubic feet, exceeding the five-year average injection of 84 billion cubic feet and slightly exceeding consensus estimates; Total inventories now stand at nearly 3.36 trillion cubic feet, which is still 13% above last year at this time and 6% above the five-year average.
This was the first above-average weekly injection in 12 weeks, but only slightly widened the surplus, to 6% above the five-year average from a 5.9% surplus the previous week.
Average gas production in the lower 48 states fell to 102 billion cubic feet per day so far in September, down from a record 102.3 billion cubic feet per day in August, according to LSEG data.
Natural gas prices were also helped by another bout of high pressure settling over some major Texas cities, which is expected to push high temperatures in the Dallas-Fort Worth area into the mid-to-upper 90s. degrees until next Tuesday, according to The Weather. Channel.
