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MTECHTIPS:-Natural gas futures climb to 3-week high as V-shaped recovery continues
U.S. natural gas futures rallied to a three-week high in North American trade on Tuesday, as a recovery from 17-year lows continued. Natural gas for delivery in April on the New York Mercantile Exchange jumped 6.5 cents, or 3.57%, to trade at $1.884 per million British thermal units by 14:40 GMT, or 10:40AM ET, after hitting an intraday peak of $1.898, the most since February 18. A day earlier, natural gas futures dipped 0.3 cents, or 0.16%. Prices have climbed for seven of the past eight days, rebounding more than 15% since falling to a 17-year low of $1.611 on March 4 as a failure to break below key support levels prompted market players to cover short positions amid bullish chart signals. Meanwhile, prices received additional support after forecasts showed cooler weather that would boost late-winter heating demand for the fuel in the eastern U.S. next week. Natural gas storage in the U.S. fell by 57 billion cubic feet last week, according to the U.S. Energy Information Administration, in line with expectations and following a draw of 48 billion cubic feet in the prior week. Total U.S. natural gas storage stood at 2.479 trillion cubic feet, 36.8% higher than levels at this time a year ago and 29.4% above the five-year average for this time of year. Some market experts worry there may be too much gas left in storage at the end of March when utilities traditionally start injecting the fuel back into storage for the next winter.
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