RTRS: NYMEX natgas tumbles early after bearish EIA data
NEW YORK, Sept 30 (Reuters) - Front-month U.S. natural gas
futures tumbled sharply early Thursday, as growing supplies,
fairly mild U.S. weather forecasts and a government report
showing a larger-than-expected inventory build weighed on the
complex.
At about 10:31 a.m. EDT (1431 GMT), the front month
November contract NGX0 slid about 18 cents, or more than 4
percent, to a fresh contract low of $3.78 per million British
thermal units, before bouncing back slightly to the $3.82 area
by 10:37 a.m., still down about 14 cents.
Just prior to release of the weekly storage data at 10:30
a.m., the front month was trading in the $3.88 area.
The U.S. Energy Information Administration report showed
total domestic gas inventories climbed last week by 74 billion
cubic feet to 3.414 trillion cubic feet, a level not normally
reached until after the second week of October. [ID:nPRWPI54]
The build was above the Reuters estimate for a 70 bcf gain
and well above the year-ago rise of 65 bcf and the five-year
average increase for that week of 67 bcf.
(Reporting by Joe Silha; Editing by Marguerita Choy)
