(RTTNews) - Natural gas prices turned slightly lower on Thursday, giving back an early rally. Prices had surged after the Energy Information Administration

December natural gas finished at $5.06 per million British thermal units, down 0.6 cent on the session. Prices reached above $5.10 after the EIA report.

Inventories rose 25 billion cubic feet in the week ended October 23. Experts were looking for a build between 27 and 31 bcf.

Working gas in storage was 3.759 trillion cubic feet. Stocks were 373 Bcf higher than last year at this time and 414 Bcf above the 5-year average of 3,345 Bcf.

In the East Region, stocks were up 17 bcf. Stocks in the Producing Region rose 1 bcf. Stocks in the West Region added 7 bcf.

A Commerce Department advance estimate showed gross domestic product increased 3.5% annually in the third quarter compared to a 0.7% decrease in the second quarter. Economists had been expecting GDP to increase by 3.2 percent.

Meanwhile, the U.S. Labor Department revealed that initial jobless claims slipped to 530,000 for the week ended October 24. This was down 1,000 from the previous week’s revised total of 531,000.

Light sweet crude oil for December delivery rose to $79.87 per barrel, up $2.41 on the session. Prices reached as high as $80.46 earlier in the session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases, UK, USA.

Subscribe by RSS Subscribe by Email