U.S. Natural Gas Inventories Decline Less Than Expected

SEATTLE (Oil Monster): Data from the U.S. Energy Information Administration (EIA) released today, Thursday, revealed that U.S. natural gas inventories decreased by 258 billion cubic feet during the week ending January 10. This drop was smaller than the expected decline of 260 billion cubic feet. The previous week had seen a much larger reduction of 40 billion cubic feet in U.S. gas inventories.

In today’s trading, February natural gas futures saw a slight dip of 0.07%, reaching around $4.080 per million British thermal units (MMBtu). The latest inventory data is expected to influence price movements in the natural gas market.

Natural gas inventory data, released weekly by the EIA, tracks changes in the volume of gas stored underground in cubic feet. While this data pertains to the U.S., it has broader market implications, impacting the Canadian dollar due to Canada’s significant energy sector and helping to shape global natural gas prices.

Courtesy: www.arabictrader.com