U.S. natural gas futures reversed earlier gains after a weekly inventory build came in above expectations.
The report suggested that supplies held in storage rose by more than analysts had forecast, easing concerns about tight inventories heading into the coming months. Traders had been pushing prices higher in the session, but the larger-than-expected injection prompted selling and erased those gains.
Storage data is closely watched by energy markets because it offers a gauge of the balance between supply and demand. A bigger build typically signals ample supply relative to demand, which can weigh on prices. Market participants also monitor weather forecasts, production levels and demand from power generators, all of which can shift sentiment quickly.
The source article provided only a brief summary, so further details on the size of the injection, the price levels reached, and the exact percentage moves were not available in the text supplied.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing