NEW YORK: US natural gas futures rose on Thursday, rebounding from a one-month low reached in the previous session, while market participants awaited the weekly inventory report.
Front-month gas futures for April delivery on the New York Mercantile Exchange rose 2.6 cents, or 0.9percent, to USD2.98 per million British thermal units. The contract hit its lowest level since February 27 on Wednesday.
The US Energy Information Administration is scheduled to release its weekly export sales at 10:30 a.m. EDT (1430 GMT). US energy firms likely pulled 44 billion cubic feet of natural gas from storage last week, according to the average estimate in a Reuters poll released on Wednesday.“We’re getting a little bit of a boost because oil prices are back up. So, we’re getting the hydrocarbon stepsister support ahead of the report,” said Phil Flynn, senior analyst for Price Futures Group.
Oil prices rose more than 4percent as prospects of a prolonged conflict in the Middle East stoked concerns over further supply disruptions.
US President ?Donald Trump warned Iran to “get serious” about a deal to end nearly four weeks of air strikes, after its foreign minister said Tehran was reviewing the US proposal but that there were no talks on winding down the war.
Elsewhere, gas was trading near USD17 per mmBtu at the Dutch Title Transfer Facility benchmark in Europe and USD20 at the Japan-Korea Marker benchmark in Asia.
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