Natural-gas futures extend losses as EIA says U.S. supplies stand above the 5-year average

The U.S. Energy Information Administration reported on Thursday a hefty weekly decline in U.S. natural-gas supplies, but said total inventories stand above their five-year average. Domestic supplies of natural gas fell by 179 billion cubic feet for the week ended Jan. 7, according to the EIA. That compared with the average decline of 177 billion cubic feet forecast by analysts polled by S&P Global Platts, which pegged the five-year average supply decline for the period at 155 billion cubic feet. Total stocks now stand at 3.016 trillion cubic feet, down 199 billion cubic feet from a year ago, but 72 billion cubic feet above the five-year average, the government said. Following the data, February natural gas declined by 41.6 cents, or 8.6%, at $4.441 per million British thermal units. Prices were at $4.465 shortly before the data.