From Investing.com:
Natural gas futures extend losses after bearish supply report
Natural gas futures extended losses on Thursday, after data showed that U.S. natural gas supplies rose more than expected last week.
On the New York Mercantile Exchange, natural gas for delivery in June last traded at $4.748 during U.S. morning hours, down 1.4%, or 6.7 cents. Futures traded at $4.783 prior to the release of the supply data.
Natural gas fell to a session low of $4.725 per million British thermal units earlier in the session. The June contract lost 0.33%, or 1.5 cents, on Wednesday to settle at $4.815 per million British thermal units.
Futures were likely to find support at $4.648 per million British thermal units, the low from April 28 and resistance at $4.851, the high from April 30.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended April 25 rose by 82 billion cubic feet, above forecasts for an increase of 75 billion cubic feet.
The five-year average gain for the period is 58 billion cubic feet.Front futures $4.74 down 7 cents, the First Trust ISE-Revere Natural Gas Index ETF $22.40 down 20 cents. On the long side we have more faith in the equities, more this afternoon.
Total U.S. natural gas storage stood at 981 billion cubic feet. Stocks were 790 billion cubic feet less than last year at this time and 984 billion cubic feet below the five-year average of 1.965 trillion cubic feet for this time of year....MORE
