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Tuesday, May 03, 2022 9:53:33 AM
US natural gas futures extended gains to above $7.8 per million British thermal units, close to an over thirteen-year high of $8.197 hit on April 18th, amid concerns that an early start to the cooling season could boost demand in May. Weekly natural gas inventory injections are usually highest when demand for heating/cooling is lowest, which is during Spring and Fall. However, late-season wintry weather in April caused the gap between current storage levels and the 5-year average to widen to roughly 17%, and forecasts of hot weather in May may crippled utilities’ efforts to increase stocks ahead of next winter. At the same time, output continued to face volatility amid the ongoing maintenance season. Elsewhere, efforts by the EU to wean off Russian supplies have been keeping American export facilities running at near full capacity.
https://tradingeconomics.com/commodity/natural-gas
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