Natural-gas Prices Move Lower As U.S. Supplies Decline By 70 Billion Cubic Feet

Natural-gas futures moved lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity declined by 70 billion cubic feet for the week ended Feb. 5. That was less than the fall of between 81 billion and 85 billion cubic feet expected by analysts polled by Platts. Total stocks now stand at 2.864 trillion cubic feet, up 573 billion cubic feet from a year ago and 543 billion cubic feet above the five-year average, the government said. March natural gas was at $2.017 per million British thermal units, down 2.9 cents, or 1.4%. Prices traded $2.055 before the supply data.