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Natural Gas Drops to Six-Week Low as Inventories Remain Robust

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Natural gas traded at a six-week low early on Friday, falling for a third day despite hot forecasts after a day-prior report showed a higher-than-expected rise in inventories last week.

Gas for August delivery was last seen down $0.05 to $2.96 per million British thermal units, the lowest since May 26.

Long-term forecasts from the National Weather Service expect nearly all states to see hotter than seasonal temperatures over its six to 14 day outlook, supporting cooling demand.

In its weekly survey released on Thursday, the Energy Information Administration said stock of the fuel last week rose by 61 billion cubic feet, above expectations on forecaster NatGasWeather for a rise of up to 54-billion cubic feet. The report said inventories ended the week at 2.98 trillion cubic feet, 6.6% above the five-year average.

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