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MTECHTIPS:-Natural gas futures push higher ahead of weekly storage report
U.S. natural gas prices traded near the highest level in almost two weeks on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. The U.S. Energy Information Administration’s storage report slated for release on Thursday is expected to show a withdrawal of approximately 206 billion cubic feet for the week ending January 22, as freezing weather boosted demand last week. That would be the biggest withdrawal since February 2015 and compares with draws of 178 billion cubic feet in the prior week, 112 billion cubic feet in the same week last year and a five-year average of 174 billion. Total U.S. natural gas storage stood at 3.297 trillion cubic feet, 19.1% higher than levels at this time a year ago and 14.3% above the five-year average for this time of year. Natural gas for delivery in March on the New York Mercantile Exchange tacked on 1.6 cents, or 0.74%, to trade at $2.174 per million British thermal units by 14:40 GMT, or 9:40AM ET. A day earlier, futures rose to $2.216, the most since January 14, as updated weather forecasting models called for more cold weather over the next two weeks. Forecasts originally called for mild winter weather during the period.
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