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Natural Gas Moves Lower Ahead of Storage Data on Cooling Long-Term Forecasts

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Natural gas prices eased Thursday ahead of fresh storage data on cooler long-term forecasts.

Gas for June delivery was last seen down $0.03 to US$2.83 per million British thermal units.

The drop comes as long-term forecasts from the National Weather Service expect most states between the Rocky Mountains and Mississippi River to see seasonal or cooler temperatures over the its six to 10-day outlook, cutting into cooling demand.

The Energy Information Administration will release its weekly survey of inventories of the fuel, with another large injection into storage expected.

"We are projecting a +86 (billion cubic foot rise) but should we see a number over 90 Bcf then the support level should fail and we could drop back to near $2.75. A storage number in the low 80's could give the bulls a reason to push back towards $3 but without some help from the weather maps," Gary Cunningham, Director of Market Research at Tradition Energy, noted.

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