Meanwhile, natural-gas futures ended nearly flat after the EIA reported Thursday that supplies of the fuel rose 7 billion cubic feet for the week ended April 15. Analysts polled by Platts forecast a climb of 2 billion cubic feet.
The bigger-than-expected supply build is a “bearish influence on market sentiment, although the figure was still supportive on a seasonally-adjusted basis, compared with the 46-bcf five-year average gain,” said Tim Evans, an energy analyst at Citi Futures.
May natural gas NGK16, +0.15% settled less than 0.1% lower at $2.068 per million British thermal units after briefly trading lower immediately after the supply data. Prices were at $2.075 before the report.
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