WASHINGTON ( TheStreet) -- Natural gas prices tumbled Thursday, ending the session nearly 3% lower after the government said inventory levels rose largely as expected last week.
Natural gas storage levels in the lower 48 states added 31 billion cubic feet last week, the Energy Information Administration said Thursday. The rise in stocks, which comes amid warmer temperatures and resulting dampened demand, landed right in line with a Platts projection estimating an injection of between 29 billion to 33 billion cubic feet.
The government also said storage levels stood at 1.669 trillion cubic feet last week, a subtle 0.1% below levels from last year and 12.1% higher than the average over the last five years.
The May natural gas contract lost 11 cents, or 2.7%, to settle at $3.91 per million British thermal units after falling as low as $3.86 during the session.Crude oil, which rallied to settle near $87 a barrel earlier this week, continued its pause Thursday after the EIA reported a
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