Natural gas futures extended their losses in overnight trading as traders digested the latest US storage data, but they are still on track for a weekly gain.
November natural gas futures tumbled $0.021, or 0.65%, to $3.215 per million British thermal units (Btu) in after-hours trading on the New York Mercantile Exchange. Natural gas is poised for a weekly increase of nearly 3%, bringing its year-to-date gain to nearly 2%.
According to the US Energy Information Administration, domestic natural gas inventories increased 67 billion cubic feet for the week ending October 9, down from 85 billion cubic feet in the previous week.
This came in below the consensus forecast of 76 billion cubic feet.
Last week’s supply build was broad-based, led by the Midwest (27 billion cubic feet), East (22 billion cubic feet), and South Central (21 billion cubic feet).
In total, US natural gas supplies totaled 3.567 trillion cubic feet, down almost 4% from the same time a year ago. But they are more than 1% above the five-year average of 3.522 trillion cubic feet.
Storage levels could be volatile moving forward as the weather outlook suggests early-season heating demand.
“Fox Weather and other outlets are highlighting a cold front moving through this weekend that will deliver the first real taste of fall for millions across the Central Plains, Northeast, and parts of the Southeast—highs dropping into the 50s and 60s (with some 40s) after recent warmth,” Phil Flynn, senior market analyst at The PRICE Futures Group, said in a Thursday note.
In other energy commodities in overnight trading, November West Texas Intermediate (WTI) crude oil futures fell $0.43, or 0.44%, to $97.54 per barrel. December Brent crude futures dipped $0.23, or 0.22%, to $105.69 a barrel. November gasoline futures declined $0.0599, or 1.88%, to $3.1203 per gallon. November heating oil futures tumbled $0.0699, or 1.44%, to $4.7757 a gallon.

