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Prices for Natural Gas Go Higher as Stockpiles Shrink

April 12, 2013 at 2:08 by Vladimir Vyun

Natural gas gained today on shrinking supplies. The Energy Information Administration reported that gas inventories fell 14 billion cubic feet to 1.673 trillion last week. Specialists have predicted a decline by 13 billion. Stockpiles were 3.8 percent below the five-year average, compared with 2.1 percent in the preceding week.

Usually, the current part of the year is not very good for natural gas. Yet technical analysts say that the commodity is in a strong uptrend right now. Forecasts of cold weather in the United States next week supported demand.

May futures for delivery on natural gas rose $0.03 (0.8 percent) to $4.17 per million British thermal units as of 2:06 GMT on NYMEX today.

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

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