MW: Natural gas extends losses after U.S. inventories data
Natural gas futures extended losses Thursday, falling more than 3% after data showed U.S. inventories fell less than expected. Natural gas inventories dropped by 159 billion cubic feet in the week ended Feb. 6, the Energy Information Administration reported. Analysts surveyed by Platts had expected a reduction between 165 and 170 billion cubic feet. At 2,020 billion cubic feet, stocks were 44 billion cubic feet higher than last year at this time and 24 billion cubic feet above the five-year average. After the data, March natural gas futures fell 2.6% to $4.415 per million British thermal units. It was down less than 1% before the data.
