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Natural Gas Edges Up Ahead of Storage Data as Long-Term Forecasts Warm

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Natural gas edged higher early on Thursday ahead of fresh storage data as long-term forecasts expect most states to see seasonal or warmer temperatures, supporting cooling demand.

Gas for July delivery was last seen up US$0.01 to US$3.16 per million British thermal units.

The Energy Information Administration will release its weekly survey of inventories of the fuel later on Thursday morning, with another rise in stocks expected.

"For today's EIA report, there's a large range in survey averages but with the most notable at +74-76 Bcf but also with a couple over +80 Bcf. For the sample week, it was hotter than normal over most of the US besides the cooler Northwest. In addition, wind and solar generation was decently strong. We expect a build of +73 Bcf, in line with the 5-year average of +73 Bcf," NatGasWeather noted.

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