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Forecast of Warm Weather Damps Demand for Natural Gas

January 29, 2013 at 20:32 by Vladimir Vyun

Natural gas declined today on forecast of warm weather. MDA Weather Services predicted that warmth will come from the East to the central United States and temperatures will be above norm from February 8 through February 12. The warmth should damp demand for the heating fuel.

According to the Energy Information Administration, production of natural gas reached a record in October. The EIA reported last week that US stockpiles of gas reached 2.996 trillion cubic feet, being 12 percent above the five-year average for the period. This week’s report may show a decline by 205 billion cubic feet.

February futures for delivery of natural gas slumped as much as $0.06 (1.92 percent) to $3.23 per million British thermal units as of 20:28 GMT on NYMEX today.

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