US natgas futures jump 4.59% on weather, stock

14 February 2008 22:12  [Source: ICIS news]

HOUSTON (ICIS news)--US natural gas futures jumped 38.4 cents (+4.59%) to close on Thursday at $8.772/m Btu on seasonal factors, lower inventories and stronger values in the energy complex.

Forecasters said colder temperatures would continue through the weekend, adding to demand for winter heating fuels.

The market also responded to the latest inventory report from the Energy Information Administration (EIA), showing that natural gas stocks declined by 120 bcf to 1,942 bcf for the week ended 8 February.

Traders had anticipated inventories would decline by 118 bcf, the lowest extraction level in the last three weeks.

The latest figure was 8.6% lower than the same week in 2007, but 5.9% higher than the five-year average level.

Crude oil prices gained more than $2.00/bbl amid signs that the US economy could recover later this year. Refined product contract prices were 2.35-2.55 cents/gal higher as the entire energy complex followed crude oil values higher.

By: Brian McIntyre
+1 713 525 2653

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