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Natural Gas Dips After Supply Report

February 12, 2015 at 22:11 by Vladimir Vyun

Natural gas dropped today due to the bearish supply report from the Energy Information Administration. While US stockpiles shrank by 160 billion cubic feet, the decline was still smaller than 165 billion forecast by analysts. Stocks were above the previous year’s level but below the 5-year average.

Yesterday, futures rallied as much as 4.48 percent. The surge was a result of forecasts that promised extremely cold weather in the United States from the Great Lakes-region to the Northeast. Bulls still hope that low temperatures will cause higher demand for the heating fuel.

March futures for delivery of natural gas dipped 2.90 percent to $2.72 per million British thermal units as of 22:09 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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