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NYMEX natural gas futures rise 2 cents to $2.755/MMBtu, buoyed by late withdrawal season

London (Platts)--16 Apr 2018 804 am EDT/1204 GMT


NYMEX May natural gas futures remained supported early Monday by news of storage withdrawals continuing beyond the traditional April 1 start to the refill season.

At 7:20 am ET (1120 GMT), the contract was 2.0 cents higher at $2.755/MMBtu.

For the fourth time since 2010, gas withdrawals on a national level were reported in April, as the US Energy Information Administration last week detailed a 19 Bcf drawdown from stocks in the week ended April 6, to leave inventories at 1,335 Bcf, or 725 Bcf below the prior-year level and 375 Bcf below the five-year average.

Weather during the storage report week was seen to have bolstered heating demand relative to historical averages.

Looking ahead, the National Weather Service forecast below-average temperatures encompassing the fringes of the West and nearly the entire eastern two-thirds of the US in the 6-10 day period.

--Staff, newsdesk@spglobal.com
--Edited by Dan Lalor, daniel.lalor@spglobal.com

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