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MTECHTIPS:-Natural gas futures extend gains after bullish weekly storage data

MTECHTIPS:-Natural gas futures extend gains after bullish weekly storage data

Natural gas futures extended gains on Thursday, after data showed that U.S. natural gas supplies rose less than expected last week. Natural gas for delivery in October on the New York Mercantile Exchange jumped 6.4 cents, or 2.4%, to trade at $2.715 per million British thermal units during U.S. morning hours. Prices were at around $2.681 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 4 rose by 68 billion cubic feet, below expectations for an increase of 75 billion. That compared with builds of 86 billion cubic feet in the prior week, 90 billion cubic feet in the same week last year, while the five-year average change for the week is an increase of 63 billion cubic feet. Total U.S. natural gas storage stood at 3.261 trillion cubic feet as of last week. Stocks were 473 billion cubic feet higher than last year at this time and 127 billion cubic feet above the five-year average of 3.134 trillion cubic feet for this time of year. A day earlier, natural gas prices lost 5.9 cents, or 2.18%, as market players weighed shifting weather forecasts to assess the outlook for U.S. demand and supply levels. 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.

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