December natural gas futures NGZ15, -0.13% briefly rebounded from early weakness after a smaller-than-expected increase in storage, but soon faltered. The contract ended down 7.1 cents, or 3%, at $2.276 per million British thermal units.The Energy Information Administration on Thursday said working gas in underground storage rose by 15 billion cubic feet in the week ended Nov. 13 to a record 4 trillion cubic feet. Analysts surveyed by oil-data firm Platts had forecast an increase between 17 billion and 21 billion cubic feet.
Natural gas futures have hovered around $2.35 for nearly three weeks as traders balanced record storage and robust production levels against the risk of increased seasonal demand, wrote analysts at Tradition Energy.
Forecasts for above-normal temperatures across the primary gas-consuming regions of the country though much of the remainder of 2015 could provide resistance to rising gas prices in coming weeks, they said.
Nymex reformulated gasoline blendstock for December RBZ5, +0.07% the benchmark gasoline contract, rose 2.18 cents, or 1.7%, to finish at $1.2879 a gallon.
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