US natural gas futures fell more than 10% on Thursday as traders received the latest batch of data from the US Energy Information Administration (EIA).
Recently, the commodity price has been under pressure from a drop in demand due to the good weather forecasts for the rest of the month. Besides, the latest EIA report showed a smaller-than-expected storage draw. Natural gas in storage across the United States stood at 2,891 billion cubic feet (Bcf) in the week ending December 30, while on an annual basis, stockpiles declined by 308 Bcf.
For February deliveries, futures for US natural gas plunged by 10.28% to sell at $3.7590 per million British thermal units at 10:35 am ET.
