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Natural Gas Trades Marginally Higher
(15 Nov 2019, 17:52)
Natural Gas futures are trading marginally higher today. The commodity is on a recovery trail from a two week low and currently lingers at 2.65 per mmbtu, up 0.20% on the day. US Energy Information Administration (EIA) reported yesterday that the US working gas in storage was 3,732 Billion Cubic Feet or Bcf as of Friday, November 8, 2019, according to EIA estimates. This represents a net increase of 3 Bcf from the previous week. Stocks were 491 Bcf higher than last year at this time and 2 Bcf above the five-year average of 3,730 Bcf. At 3,732 Bcf, total working gas is within the five-year historical range. The prices are likely to see subdued moves in near term. US dry natural gas production are expected to hit an all-time high of 92.13 billion cubic feet per day (bcfd) in 2019 from a record high of 83.80 bcfd last year, the Energy Information Administration said in its Short Term Energy Outlook (STEO) earlier this week.

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