Above-Average Gas Storage Build Pressures Natural Gas Prices
Natural gas prices fell sharply to a 1.5-month low as the EIA reported an above-average increase in U.S. natural gas storage levels for the week ended July 3, with inventories rising by +61 bcf compared to the five-year average of +51 bcf. The bearish sentiment is compounded by expectations of higher production and a potential El Niño weather system that could reduce heating demand.
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Topics: EIA report El Niño impact natural gas prices storage levels