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MTECHTIPS:-U.S. natural gas futures extend rebound off 18-year lows
U.S. natural gas futures rose for the fourth straight day on Wednesday, extending a recent rebound from 18-year lows as traders continued to close out bets on lower prices. Natural gas for delivery in April on the New York Mercantile Exchange rose 1.8 cents, or 1.05%, to trade at $1.729 per million British thermal units by 14:40 GMT, or 9:40AM ET. A day earlier, natural gas futures advanced 2.2 cents, or 1.3%. Futures are up nearly 6% since falling to $1.611 last Friday, a level not seen since August 1998, as a failure to break below $1.610 prompted market players to cover short positions amid bullish chart signals. Traders 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 51 billion cubic feet for the week ending March 4. That compares with draws of 48 billion cubic feet in the prior week, 43 billion cubic feet in the same week last year and a five-year average of around 71 billion. Total U.S. natural gas storage stood at 2.536 trillion cubic feet, 31.3% higher than levels at this time a year ago and 26.3% 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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