Modest Storage Build Supports Natural Gas Futures

Natural gas futures on the New York Mercantile Exchange (NYMEX) maintained their momentum in midday trading on Thursday, buoyed by a government report of a modest storage build. The October contract rose 2.8 cents to $2.919/MMBtu at noon ET.

The government reported an injection of 44 Bcf into natural gas storage facilities for the week ended September 11. This was slightly lower than expectations, but still within historical norms for this time of year.

Natural gas prices at the Henry Hub averaged $2.903 early Thursday, down from Wednesday's high of $3.010. The current price is still above the five-year average for this time of year, indicating a relatively tight market.