Natural gas adds to gains after mild supply hike

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Natural gas adds to gains after mild supply hike (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Natural-gas futures added to earlier gains on Thursday after a weekly government report showed a smaller-than-expected increase in supplies. Natural gas for May delivery (ngk12) rose 4 cents, or 2.2%, to $2.03 per million British thermal units. Prices had traded at $2 per million Btus before the inventories report. The Energy Information Administration reported an increase of 8 billion cubic feet for the week ended April 6. Analysts polled by Platts had expected an increase between 20 bcf and 24 bcf. Natural gas on Wednesday settled at its lowest since January 2002 as it has battled warmer weather trends, which has cut demand, and increased production.

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