01 November 2007 19:50 [Source: ICIS news]
HOUSTON (ICIS news)--US natural gas futures prices surged 30.7 cents (3.69%) to close at $8.637/m Btu on Thursday as traders shrugged off a record inventory report and bought supplies.
The Energy Information Administration (EIA) said on Thursday that natural gas inventories rose by 66bn cubic feet (bcf) for the week ended 26 October to reach 3,509 bcf, the highest stock level recorded. The previous record of 3,461 bcf was set during the week ended 20 October 2006.
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The rally from the low of $8.231/m Btu, down 9.9 cents shortly after the EIA report was released, powered prices to $8.466/m Btu, up 13.6 cents within 30 minutes.
A later surge in buying pushed prices to $8.677/m Btu, up 34.7 cents, before easing on light profit taking for the remainder of the session.
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