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Natural Gas futures sank more than 3 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as a below average withdrawal in US gas inventories last week signaled weak demand for the heating fuel in the world’s biggest fuel consuming nation.
US gas supplies fell by only 48 billion cubic feet last week compared to a five-year average withdrawal of 137 billion cubic feet.
Total US storage levels at 2.536 trillion cubic feet are 45 per cent higher than year-ago levels and 35.6 per cent above average for this time of year, a sign that the market remains oversupplied.
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