EIA reports a weekly decline of 91 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 91 billion cubic feet for the week ended Jan. 4. Analysts polled by S&P Global Platts had forecast a decline of 84 billion cubic feet, on average, while the five-year average decline stands at 187 billion. The data, however, included a revision that resulted in decreased working gas stocks of about 4 billion cubic feet in the Mountain region last week. Total stocks now stand at 2.614 trillion cubic feet, down 204 billion cubic feet from a year ago, and 464 billion below the five-year average, the government said. February natural gas traded at $3.039 per million British thermal units, up 5.5 cents, or 1.8%, from Wednesday's settlement. It was trading at $3.028 before the supply data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.