Natural-gas Prices Turn Lower As U.S. Supplies Decline By 57 Billion Cubic Feet

Natural-gas futures turned lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity declined by 57 billion cubic feet for the week ended March 4. That was in line with the fall of between 55 billion and 59 billion cubic feet expected by analysts polled by Platts, but less than the 118 billion cubic foot five-year average decline, according to Citi Futures. Total stocks now stand at 2.479 trillion cubic feet, up 911 billion cubic feet from a year ago and 727 billion cubic feet above the five-year average, the government said. April natural gas was down a penny at $1.752 per million British thermal units. Prices traded $1.786 before the supply data.