Natural Gas Retreats as Concerns over Mild Weather Overshadow Draw in U.S. Stocks
Feb, 24th 05:06
U.S. natural gas turned lower on Friday after finding support in the previous session on the back of a larger-than-expected draw in U.S stocks.
According to the latest weekly report published by the U.S. Energy Information Administration (EIA) on Thursday, U.S. natural gas inventories dropped by 89 billion cubic feet (bcf) for the week ending February 17, slightly larger than the 86 bcf forecast by analysts.
Natural gas futures looked set for another losing week with expectations of generally mild weather conditions in the U.S. undermining prices. Demand for the commodity for heating purpose is expected to lower as the weather is forecast to be warmer with temperatures returning to being slightly above normal next week.
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