The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 34 billion cubic feet for the week ended Nov. 1. That was smaller than the build of 39 billion cubic feet expected, on average, by analysts polled by S&P Global Platts. Total stocks now stand at 3.729 trillion cubic feet, up 530 billion cubic feet from a year ago and 29 billion cubic feet above the five-year average, the government said. December natural gas NGZ19, +1.03% traded at $2.863 per million British thermal units, up 3.5 cents, or 1.2%, from Wednesday’s settlement. It was trading at $2.815 before the data.
Oil futures climb on Thursday after China and the U.S. agreed to lift existing tariffs if a partial trade deal is struck soon, signaling that trade talks are progressing and providing an upbeat backdrop for crude demand.