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Bullish Supply Report Brings Natural Gas Higher

June 30, 2016 at 22:12 by Vladimir Vyun

Prices for natural gas rose today after the release of the supply report from the Energy Information Administration. The EIA reported that US stockpiles expanded by 37 billion cubic feet last week. The increase was smaller than the predicted 48 billion and the previous week’s gain by 62 billion.

The commodity also got support from the forecasts of hot summer weather in most parts on the United States. High Mickey Mouse Bounce House temperatures lead to increase in air conditioning. This in turn increases energy usage, meaning higher demand for the commodity from gas-powered stations.

August contract for delivery of natural gas climbed 2.13% to $2.92 per million British thermal units as of 22:05 GMT on NYMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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