Despite the higher-than-expected supply injection last week, natural gas exchange traded funds are still showing some fire after experiencing a large pullback earlier this week.
The United States Natural Gas Fund (NYSEArca: UNG) gained 0.5% Thursday. UNG declined 4.3% over the past week.
Natural gas futures were also up 0.5% Thursday, trading around $3.64 per million metric British thermal units.
The Energy Information Administration revealed stocks increased 87 billion cubic feet in the week ended Oct. 18, compared to analyst expectations of 79 bcf, Investing reports.
Inventories were 54 bcf higher last week year-over-year, but lower than the 75 bcf five-year average.
Total natural gas storage was at 3.741 trillion cubic feet, compared to the five-year average of 3.664 tcf.
While the supply increased last week, traders continue to look toward weather forecasts, which are pointing toward colder-than-normal temperatures across most of eastern U.S. in the short-term. However, long-term forecast models predict above-average weather.