March 1, 2012 / 3:46 PM / 6 years ago

NYMEX natgas sinks 6 pct after light stock draw

NEW YORK, March 1 (Reuters) - Front-month U.S. natural gas futures extended losses early Thursday after a government report showed a weekly inventory draw below market expectations.

The U.S. Energy Information Administration report showed total domestic gas inventories fell last week by 82 billion cubic feet to 2.513 trillion cubic feet. Traders and analysts polled by Reuters had expected a 90-bcf decline.

At 10:31 a.m. EST (1531 GMT), the NYMEX front-month gas futures contract was down 15.1 cents, or nearly 6 percent, at $2.465 per million British thermal units.

Just prior to release of the weekly storage data at 10:30 a.m., the front month was trading in the $2.525 area. (Reporting by Joe Silha; Editing by Lisa Shumaker)

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