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Natural Gas Prices Flat Amid Smaller-Than-Expected Drop

January 19, 2018 at 15:32 by Andrew Moran

Natural gas futures are trading relatively flat one day after the US government reported a smaller-than-expected decline in domestic supplies. Natural gas prices fell as much as 3% on Thursday.

February natural gas futures slipped $0.013, or 0.41%, to $3.176 per million British thermal units at 14:18 GMT on Friday on the New York Mercantile Exchange. Natural gas prices are aiming to recoup their losses from the previous trading session’s bad performance.

February gasoline futures dipped $0.011, or 0.61%, to $1.872 per gallon.

Year-to-date, natural gas prices have advanced more than 7%, driven by the bitterly cold temperatures engulfing much of the US east coast. Gasoline prices have also risen nearly 5% year-to-date.

According to the US Energy Information Administration (EIA), US natural gas stockpiles tumbled by 183 billion cubic feet for the week ending January 12, lower than the initial forecast of 189 billion. Total supplies now stand at 2.584 trillion cubic feet, which is down 368 billion cubic feet from the same time a year ago. This is also 362 billion cubic feet below the five-year average.

Oil is retreating from recent highs to end the trading week. February West Texas Intermediate (WTI) crude futures tumbled $0.43, or 0.67%, to $63.52 per barrel. March Brent crude futures slid $0.38, or 0.55%, to $68.93 a barrel.

The EIA reported on Wednesday that domestic crude supplies declined 6.9 million barrels, while US oil production surged 258,000 barrels per day (bpd) to a total of 9.75 million bpd. Gasoline stockpiles edged up 3.6 million barrels, and distillate supplies were down 3.9 million barrels.

If you have any questions and comments on the commodities today, use the form below to reply.

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