Market Insider

Natural Gas Ticks Higher After Storage Report


Natural gas futures traded slightly higher following the release of its weekly storage report from the U.S. Energy Department.

Cameron Davidson | Getty Images

Natural gas storage level declined by 38 billion cubic feet (bcf), at the high end of range of estimates of analysts surveyed by Platts. Analysts were looking for a withdrawal between 17 and 39 bcf with a consensus estimate of a 23-27 bcf withdrawal. (Read More: Citigroup Says Commodity Super-Cycle Is Over)

December natural gas futures traded at a session high of $3.855 earlier today, the highest price of the year.

Traders say natural gas prices look poised to make a run for $4 mark, but gains may fade if the front month contract is unable to settle above the previous day's high over $3.84.

—By CNBC's Sharon Epperson; Follow Her on Twitter @sharon_epperson