2024-04-04T15:29:56+00:00
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/ Data on US natural gas inventories issued by the Energy Information Administration, on Thursday, revealed a decrease in natural gas inventories in the United States by 37 billion cubic meters during the week ending last March 29.
This decline was less than market expectations, which expected a decline in natural gas inventories by only about 38 billion cubic meters. The previous reading had shown a decline in US natural gas inventories by about 36 billion cubic meters in the previous week.
After the release of US natural gas stocks data, natural gas futures contracts for May delivery recorded about $1.825 per million British thermal units, with a decrease of 0.87% immediately after the release of US gas stocks.
It is noteworthy that natural gas inventory data is issued weekly by the US Energy Administration, and the index measures the size of the change in underground natural gas reserves in cubic feet during the past week.
It should be noted that although this indicator is primarily an American indicator, it affects the Canadian dollar due to the large size of the energy sector in Canada, and it also strongly affects natural gas prices in commodity market transactions.