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Natural Gas Price Dips Following Storage Report

The U.S. Energ Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks increased by 90 billion cubic feet for the week ending April 17. Analysts expected a storage injection (increase) of 86 to 90 billion cubic feet. The five-year average for the week is a 50 billion cubic foot injection.

Natural gas futures for May delivery traded down in advance of the EIA’s report, at around $2.55 per million BTUs, and slipped to $2.52 (down about 3% for the day) following release of the report. Last Thursday, natural gas closed at $2.68 per million BTUs and natural gas futures have dropped by about $0.15 per million BTUs over the past five trading days. The 52-week low for natural gas futures is $2.48. One year ago, the price for a million BTUs was around $4.20.
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