US and European gas futures slip on rising stockpiles

Natural gas futures in the United States and Europe moved lower as a larger-than-average inventory build in U.S. underground storage weighed on sentiment.

Front-month Henry Hub futures in the U.S. edged down 0.1% to $2.943 per million British thermal units (MMBtu), while Europe’s benchmark Dutch TTF contract fell 1% to 88.04 euros per megawatt-hour.

Prices faced downward pressure following the U.S. Energy Information Administration's (EIA) weekly report, which posted a storage injection of 77 billion cubic feet. The increase pushed total domestic inventories to 3.801 trillion cubic feet, running 54 billion cubic feet above the five-year seasonal average.