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MTECHTIPS:-U.S. natural gas pulls back from 4-week high

Wednesday, March 15, 2017 3:08
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MTECHTIPS:-U.S. natural gas pulls back from 4-week high

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MTECHTIPS- U.S. natural gas futures declined on Tuesday, pulling back from a four-week high as a blizzard began blowing in parts of the northeastern U.S. U.S. natural gas for April delivery shed 3.7 cents, or around 1.2% to $3.006 per million British thermal units by 9:50 AM ET (13:50 GMT). Prices of the heating fuel rallied to $3.089 in the prior session, the most since February 10. he National Weather Service warned some 50 million people from Pennsylvania to Maine of a “rapidly intensifying nor’easter” that was unusual for so late in the winter. Some could expect to find themselves surrounded by up to 2 feet (60 cm) of snow by early Wednesday, the federal agency predicted. However, New York City was expected to escape the worst of it after the NWS withdrew its blizzard warning for the city on Tuesday morning, replacing it with a mere “winter weather advisory.” The service sharply reduced its snowfall forecast for the city to between 4 and 8 inches (10 and 20 cm).The storm comes near the end of an unusually mild winter along much of the East Coast, with  below-normal snowfalls in some areas, including New York City and Washington DC. It was the warmest February on record in nearly the entire area, according to the Northeast Regional Climate Center. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 49 and 59 billion cubic feet in the week ended March 10. That compares with a withdrawal of 68 billion cubic feet in the preceding week, 1 billion a year earlier and a five-year average drop of 85 billion cubic feet. Total natural gas in storage currently stands at 2.295 trillion cubic feet,according to the U.S

 

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