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A weekly storage build far above analysts’ consensus estimates sent the prompt-month US gas futures contract below $3 for the first time in five months as storage optics took center stage. The May contract plunged to a session low of $2.858 before recovering some ground to settle 9.2¢ lower on the day at $2.93 per million Btu. Weather forecasts signal “very light national demand for most of the next 15 days,” NatGasWeather.com said. “The following several builds are expected to be quite large and near or over 100 Bcf, thereby resulting in deficits of -70 Bcf flipping to surpluses by early May.”

Topics:
Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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