1511 ET - U.S. natural gas futures resume their recovery from a four-week selloff, rising for the fourth time in five sessions even as a predicted switch to an inventory surplus is confirmed. The EIA reported a 107 billion-cubic-foot increase in storage, which carried inventories to a surplus over the five-year average for the first time since mid-January. The storage build left stocks 5 Bcf above the five-year average but 435 Bcf below their year-earlier level. The delayed EIA report was "slightly bullish to market expectations" and "suggests that next week's EIA report printing over 100 Bcf isn't a lock and +90s can't be ruled out," NatGasWeather.com says in a note. Seasonal buying ahead of what is expected to be a hotter than normal summer, or expectations of stronger LNG exports could also have contributed to price gains, the forecaster adds. Nymex natural gas settles up 4.6% at $3.479/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 15:11 ET (19:11 GMT)
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