According to the U.S. Energy Information Administration (EIA), U.S. natural-gas supplies in storage saw a rise of 49 billion cubic feet for the week ending July 7. S&P Global Commodity Insights conducted a survey of analysts, who, on average, had predicted an increase of 54 billion cubic feet.
Upward Revision in Stocks
The recent data includes an upward revision to previously reported stocks for the week ending June 30. The EIA revised the stock total for that week from 2.877 trillion cubic feet to 2.881 trillion cubic feet.
Current Storage Levels
As of July 7, the total working gas in storage stands at 2.930 trillion cubic feet. This represents an increase of 569 billion cubic feet compared to the previous year and surpasses the five-year average by 364 billion cubic feet, according to the government.
Natural Gas Prices
On Thursday, August natural gas (NGQ23, -1.06%) traded at $2.603 per million British thermal units on the New York Mercantile Exchange. This marks a decrease of 2.9 cents or 1.1%.