EIA: Natural gas stockpiles still above average

Crude oil prices fell slightly Thursday, while prices for natural gas were also lower after the US Energy Information Administration reported that while stockpiles fell last week, they still remain much above average.

The EIA issued new data showing that US inventories of natural gas were down by 266 billion cubic feet last week to 2.85 trillion cubic feet, well above the five year average for this time of year.

The declines in prices for both natural gas and crude oil came as weather in the United States warmed up after last week’s cold snap.

February contracts for West Texas Intermediate crude were down 19 cents to $79.86 per barrel about 10 minutes before the close of floor trade on the New York Mercantile Exchange, while at last report February Brent crude had dropped 40 cents to $77.91 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline futures were up a cent to $2.07 per gallon but February heating oil dropped a cent to $2.08 per gallon.

March natural gas futures fell 15 cents to $5.56 per million British thermal units.

The retail price of a gallon of gasoline in the United States was up less than a cent overnight to $2.758 per gallon on average.