BUZZ-Natgas companies gain on larger-than-expected storage draw

Reuters
03-14
BUZZ-Natgas companies gain on larger-than-expected storage draw

** Shares of U.S. natural gas companies rise as natgas futures recover from more than a one-week low earlier in the session NGA/

** U.S. natgas futures NGc1 up 1.5% at $4.14 per million British thermal units (mmBtu), after hitting their lowest level since March 3

** Natural gas prices rose after a federal report showed last week's storage draw was bigger than expected

** The U.S. Energy Information Administration $(EIA)$ said energy firms pulled 62 billion cubic feet (bcf) of gas out of storage during the week ended March 7

** That was bigger than the 54-bcf withdrawal analysts forecast in a Reuters poll

** Natgas companies CNX Resources CNX.N up 2.5% and EQT Corp EQT.N rises 1%

** ETFs - United States Natural Gas Fund UNG.P and ProShares Ultra Bloomberg Natural Gas BOIL.P rises 1.6% and 3.8%, respectively

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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