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Natural Gas Logs Gains After EIA Supply Report

April 30, 2015 at 16:40 by Vladimir Vyun

Natural gas demonstrated big gains today after the bullish supply report from the Energy Information Administration. Earlier, the commodity was falling due to speculations that the end of the winter heating season will reduce demand for the gas. Spring is usually a period with lowest consumption of gas as it is not used either for air conditioning or for heating.

The EIA reported that US inventories expanded by 81 billion cubic feet last week. It was a bit smaller growth than the 85 billion predicted by analysts.

June futures for delivery of natural gas climbed 4.22 percent to $2.72 per million British thermal units as of 16:35 GMT on NYMEX today. Earlier, the price fell to the session low of $2.56. Yesterday, the contract advanced 2.72 percent to settle at $2.61.

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

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