Natural-gas supply drop matches forecasts; oil supplies up less than expected

Natural-gas futures pulled back on Thursday from their highest close in five years, struggling to hold the $6 level after a U.S. government report showed that weekly supplies of the heating fuel fell generally as much as the market expected.

Oil futures wavered, pressured by purchasing-managers data that pointed to weaker activity in China and the euro zone in February, but finding support as U.S. data showed that weekly crude supplies fell less than expected.

March natural gas fell 14 cents, or 2.3%, to $6.01 per million British thermal units on the New York Mercantile Exchange after falling to as low as around $5.92 in the wake of the supply data. It was trading down around $6.09 shortly before the supply data. It closed Wednesday at a 5-year high of $6.149.

Oil futures, meanwhile, saw pressure from data showing a slowdown in Chinese manufacturing, but a smaller-than-expected weekly climb in U.S. crude inventories offered support.

March crude-oil futures were last up 4 cents at $103.35 a barrel after spending some time below $103. Prices hit a four-month high on Wednesday.