Natural Gas off two week high

Natural Gas futures turned marginally lower today, coming off a two week high.The benchmark US Natural Gas futures are failing to hold on amid cooler than normal spring temperatures in the US, which will reduce gas demand from electricity providers to run air conditioning. The counter currently quotes at $3.68 per mmbtu, down 1% on the day. Meanwhile, working natural gas in storage across the United States increased by 120 billion cubic feet in the week ending May 16 compared to the previous seven-day period to reach 2,375 billion cubic feet (BCF), the Energy Information Administration (EIA) said in a report yesterday. The inventories were down 12.7% y/y but were 3.9% above their 5-year seasonal average.

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