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Natural gas falls 2.7 cents

Posted on: November 17, 2017

NYMEX natural gas continued it’s decent on Thursday, falling 2.7 cents and closing at $3.053MMBtu. The prompt month traded up in the morning in anticipation of the storage figure release, and though it came in higher than expected, it was not enough to keep the bears away. The EIA reported a draw of 18-Bcf as the official figure for the week ending November 10.

Total working gas storage now totals 3.772-Tcf, 271-Bcf lower than this time last year, and 101-Bcf lower than the 5-year average. The downward pressure was caused by updated weather models now showing average temperatures in the North Eastern US.

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