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Natural Gas Surges After EIA Report

December 28, 2017 at 18:17 by Vladimir Vyun

The Energy Information Administration released data about US natural gas inventories today. Unlike crude oil, gas reacted positively to the report, heading to the largest daily gain in a year.

The report showed that US inventories of natural gas fell by 112 billion cubic feet last week, in line with analysts’ forecasts. The reserves dropped by 182 billion the week before.

Prices also rallied due to forecasts of very cold weather in most parts of the United States. That means higher consumption of the commodity used for heating.

February contract for delivery of natural gas jumped as much as 7.06% to $2.93 per million British thermal units as of 18:12 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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