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MTECHTIPS:-U.S. natural gas futures slide to 11-week low as forecasts turn cooler

MTECHTIPS:-U.S. natural gas futures slide to 11-week low as forecasts turn cooler

U.S. natural gas prices slumped to an 11-week low on Monday, as forecasts for mild weather across key consumption regions of the U.S. in the week ahead dampened demand expectations for the fuel. Natural gas for delivery in October on the New York Mercantile Exchange fell to an intraday low of $2.641 per million British thermal units, the weakest level since June 8, before trading at $2.694 during U.S. morning hours, down 0.3 cents, or 0.13%. Natural gas prices lost 8.8 cents, or 3.16%, on Friday to close at $2.697 as warm temperatures in the U.S. Northeast gave way to cooler readings. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use. Natural gas accounts for about a quarter of U.S. electricity generation. According to the U.S. Energy Information Administration, natural gas storage rose by 53 billion cubic feet last week, below expectations for an increase of 58 billion and following a build of 65 billion cubic feet in the preceding week. Supplies rose by 86 billion cubic feet in the same week last year, while the five-year average change is an increase of 54 billion cubic feet. Total U.S. natural gas storage stood at 3.030 trillion cubic feet, 19.2% higher than during the same week a year earlier and 2.7% above the five-year average for this time of year.
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