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MTECHTIPS:- U.S. natural gas futures push higher in holiday-thinned trade

MTECHTIPS:- U.S. natural gas futures push higher in holiday-thinned trade

U.S. natural gas prices pushed higher in subdued trade on Monday, as market players weighed shifting weather forecasts to assess the outlook for U.S. demand and supply levels. Natural gas for delivery in October on the New York Mercantile Exchange rose 3.8 cents, or 1.45%, to trade at $2.694 per million British thermal units during U.S. morning hours. Trade volumes were expected to remain light on Monday, with U.S. markets closed for the Labor Day holiday. Updated weather forecasting models showed that most parts of the southern U.S. will be engulfed by hot temperatures in the coming days. However, cooler weather was expected across most parts of the Great Lakes, Northeast and Midwest-regions as the week progresses. Summer heat has waned and cooler temperatures beckon with the approach of autumn. 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 94 billion cubic feet last week. The data included a reclassification from working gas to base gas of 8 billion cubic feet, which brought the number to 86 billion cubic feet. Analysts had expected an increase of 88 billion cubic feet last week. Supplies rose by 79 billion cubic feet in the same week last year, while the five-year average change is an increase of 60 billion cubic feet.

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