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US natural gas storage builds up as prices jump

US natural gas storage builds up as prices jump

Mubasher: Energy Information Administration (EIA) on Thursday said that the US natural gas inventories surged by 100 billion cubic feet (Bcf) in the week ended 17 May, totalling 1,753 Bcf.

Stockpiles were 137 Bcf higher than past year’s figure, while they were 274 Bcf below the five-year average of 2,027 Bcf.

Following the release of the data, Nymex natural gas futures climbed 0.55% to $2.56 per million British thermal units (MMBtu).