Natural Gas Prices Spike Higher

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Photo: bpende on Flickr

Natural gas prices were up as much as 3.5 per cent this morning on the back of a bullish, in-line inventory report from the EIA.July NYMEX contracts hit $2.605 after the EIA reported a 62 bcf inventory increase, to 3,006 bcf from 2,944 bcf, in compressed natural gas. 

Analysts polled by Platts had expected a rise between 63 bcf and 67 bcf, according to Marketwatch.

Despite the report, natural gas players were trading lower on the broader market rout, with EOG resources the losers at -5.35 per cent.

Chesapeake and Devon were also down.

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