U.S. natural gas in storage rose last week, up 66 billion cubic feet from the week before, according to the latest inventory report from the U.S. Energy Information Administration, released Thursday morning.
The EIA reports that working gas in storage was 3,089 Bcf as of July 31, and stocks were 580 Bcf higher than last year at this time and 496 Bcf above the five-year average of 2,593 Bcf.
MarketWatch reports that analysts at IHS Global Insight had projected an increase of 50 billion cubic feet.
The price of natural gas for September delivery was down 25 cents to $3.80 after the data.
On the Horizons BetaPro NYMEX Natural Gas Bull Plus ETF Bullboard, Barolo12 said: “Price of NG is starting to climb back up. 66 bcf was not as bearish as 70 would have been, so market is taking a second look at future price considerations. I expect that NG will close near $4 today”…