Natural Gas slides near two-week low

The US Natural Gas futures fell today, sliding further from a three-week high. The counter trades down 2% to quote at $3.25 per mmbtu right now, testing around two-week low. The US Energy Information Administration or EIA reported that US Natural Gas inventories rose by 46 billion cubic feet or bcf in the week ended July 11. This was slightly above 5-year average build of 41 bcf for the week. As of July 11, gas inventories were down 4.9% y/y, but were 6.2% above their 5-year seasonal average. The latest price action shows a tentative picture on demand front and a slide in crude oil prices is also having an impact it seems.

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