10:40AM

Natural gas adds to gains after hefty supply drop by Myra P. Saefong

SAN FRANCISCO (MarketWatch) -- Natural-gas futures gained more ground Thursday after the Energy Information Administration reported a decline in inventories that was bigger than expected. Supplies fell 201 billion cubic feet for the week ended Jan. 4, the EIA said. Analysts polled by Platts forecast a decline between 183 billion cubic feet and 187 billion cubic feet. Total stocks now stand at 3.316 trillion cubic feet, down 88 billion cubic feet from the year-ago level and 320 billion cubic feet above the five-year average, the government said. February natural gas was at $3.18 per million British thermal units, up 7 cents, or 2.3%. It was trading around $3.16 shortly before the data.