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Natural Gas Retreats as Weather Forecast Spurs Profit-Taking

November 12, 2014 at 5:28 by Vladimir Vyun

Futures for natural gas dipped today due to profit-taking after the recent rally. Prices were rising of forecasts of a blast of cold air across the United States. Yet longer-term forecasts are less clear, and some experts predict that temperatures should become milder after initial colds. Such outlook prompted bears to sell the commodity.

Natural gas is used in heating in conditioning. This means that prices for the commodity depends on weather changes strongly.

Futures for gas also declined as traders continued to digest last week’s report from the Energy Information Administration that demonstrated bigger-than-expected increase of US stockpiles. On top of that, analysts predict that this week’s data will show another big increase of inventories.

December futures for delivery of natural gas declined 1.01 percent to $4.20 per million British thermal units as of 5:27 GMT on NYMEX today.

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