Natural Gas Futures Stuck in Neutral as Inventories Continue to Rise

Natural gas futures were relatively unchanged on Thursday as US national inventories continued to increase for the 23rd consecutive week. Prices have been steadily rising over the past month but are struggling to maintain momentum.

The October natural gas futures contract was trading at $2.96 per million British thermal units at 17:31 GMT, flat from the previous day's price on the New York Mercantile Exchange. Despite this, prices are still on track for a weekly gain of at least 1%, following a 12% boost in recent times.

According to Phil Flynn, energy strategist at The PRICE Futures Group, natural gas is 'carving out a pretty rounding bottom that looks attractive.' However, the next move higher still hinges on two key factors: the EIA storage report and the Fox Weather outlook.