Natural-gas Prices Edge Up As Traders Parse Through Revised EIA Supply Data

By Myra P. SaefongMarketsMarketWatch Pulse

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 53 billion cubic feet for the week ended Aug. 11. The data, however, included revisions to figures for previous weeks tied to a reclassification of natural gas in storage from working gas to base gas. On average, analysts were looking for a build of 47 billion cubic feet, according to commodity brokerage firm iiTRADER. Total stocks now stand at 3.082 trillion cubic feet, down 254 billion cubic feet from a year ago, but 55 billion cubic feet above the five-year average, the government said. September natural gas was up 2 cents, or 0.8%, from Wednesday's settlement to $2.910 per million British thermal units. It traded at $2.882 before the data.

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