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US natgas futures slip after big EIA stock build
April 5, 2012 / 2:47 PM / 5 years ago

US natgas futures slip after big EIA stock build

NEW YORK, April 5 (Reuters) - Front-month U.S. natural gas futures lost ground early Thursday after a government report showed another weekly inventory build well above market expectations.

The U.S. Energy Information Administration reported total domestic gas inventories rose last week by 42 billion cubic feet to 2.479 trillion cubic feet. Traders and analysts polled by Reuters had expected a 34 bcf gain.

At 10:35 a.m. EDT (1435 GMT), the front-month gas futures contract on the New York Mercantile Exchange was down 3.4 cents, or 1.6 percent, at $2.107 per million British thermal units after sliding to an intraday low of $2.088 right after the report.

Just prior to release of the weekly storage data at 10:30 a.m., the front month was trading in the $2.14 area.

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