Natgas prices rose for a second straight session Friday after inventory data revealed stockpiles rose less than expected last week, reports Nicole Friedman for the Wall Street Journal.
Natural gas inventories increased by 73 billion cubic feet in the week ended May 13, compared to analysts’ expectations of a 78 bcf rise. Nevertheless, the energy market remains oversupplied, with inventories 41% above its five-year average for this time of the year.
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NatGasWeather.com, though, anticipates demand to remain low in the next 15 days due to mild weather conditions that diminish the need for indoor heating or cooling.
For more information on the natural gas market, visit our natural gas category.
United States Natural Gas Fund