Natural Gas Futures Fluctuate Before U.S. Stockpile Report
Natural gas futures fluctuated in New York before a government report that may show a smaller- than-normal increase in inventories of the fuel for last week.
Gas moved between gains and losses. Data scheduled for release at 10:30 a.m. in Washington from the Energy Information Administration may show stockpiles rose 38 billion cubic feet last week, according to the median of 20 analyst estimates compiled by Bloomberg. The five-year average injection is 39 billion. Supplies gained 21 billion in the same week last year.
“If we see a number closer to last year’s injection, the market is going to continue to rally,” said Victor Zevallos, an energy trader at FCStone Latin America LLC in Miami. “There are some bullish supply factors for natural gas.”
Natural gas for May delivery rose 0.1 cent to $4.215 per million British thermal units at 9:13 a.m. on the New York Mercantile Exchange. The futures have gained 26 percent this year. Trading volume was 38 percent below the average for the time of day. Prices climbed to $4.29 per million Btu on April 15, the highest since July 28, 2011.
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