MTECHTIPS:- Natural gas futures reverse gains after U.S. storage data disappoints

 MTECHTIPS:- Natural gas futures reverse gains after U.S. storage data disappoints

U.S. natural gas futures turned lower on Thursday, after data showed U.S. natural gas supplies in storage fell less than expected last week, despite cold weather conditions. Natural gas for delivery in February on the New York Mercantile Exchange shed 0.6 cents, or 0.26%, to trade at $2.111 per million British thermal units by 15:35 GMT, or 10:35AM ET. Prices were at around $2.173 prior to the release of the supply data.  The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended January 15 fell by 178 billion cubic feet, below expectations for a decline of 184 billion. That compared with a drawdown of 168 billion cubic feet in the prior week, while the five-year average change for the week is a withdrawal of 191 billion cubic feet. Total U.S. natural gas storage stood at 3.297 trillion cubic feet, 19.1% higher than levels at this time a year ago and 14.3% above the five-year average for this time of year. A day earlier, natural gas futures jumped 2.7 cents, or 1.29%, as market participants looked ahead to the first major winter storm that is expected to impact the eastern U.S. as soon as Friday. A storm will intensify across the southern United States late in the week, bringing snow, ice, rain and the potential for severe weather. This storm is then expected to track 

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