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Thursday, May 04, 2017 7:34:24 AM
Cold weather in the East is seen to have ramped up residential/commercial demand for natural gas by 12% during the week to April 26, as reflected in the EIA's latest "Natural Gas Weekly Update." This contributed to a 2% gain in total U.S. gas consumption, as supply remained almost unchanged amid flat production.
Looking at the upcoming storage report, analysts with Raymond James said that the market was 1.5 Bcf/d tighter last week but has averaged 1.2 Bcf/d tighter over the last four weeks. "Based on our assumptions, we expect the market to run 1.5 Bcf/d tighter on a y/y basis for the week," the analyst said.
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Further out, National Weather Service outlooks for the six- to 10-day and eight- to 14-day periods that reflect lingering below-average temperatures over the major heat-consuming regions of the Northeast and Midwest suggest ongoing support for heating demand in the coming weeks.
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