US gas futures rise after EIA reports gas storage build

US natural gas futures rose on the New York market Aug. 17, halting a four-session losing streak despite a weekly government report showing a build in gas supplies in underground storage across the Lower 48.

Gas futures for September on the New York Mercantile Exchange reached nearly $2.92/MMbtu before noon on Aug. 17 after having been at a rounded $2.88/MMbtu earlier in the day. Gas prices had dipped to low of $2.84/MMbtu earlier in the week.

The US Energy Information Administration said in the Weekly Gas Storage Report that gas storage levels rose by 53 bcf to 3.082 tcf for the week ended Aug. 11 compared with a gain of 28 bcf for the previous week and a build of 22 bcf for the same time a year earlier.