US Production should Damp Gas Price Outlook
BonTradeNatural gas price stays at a 1-week high after yesterday's rally. However, the decline from around $5.2 in mid-June remains intact and huge production in the US should continue to weigh on price. The US Energy Department (EIA) reported that gas inventory rose +78 bcf to 2840 bcf in the week ended July 9. Stocks were -33 bcf less than the same period last year and +274 bcf, or +10.7%, above the 5-year average of 2566 bcf. The market is thrilled by the lower-than-expected increase in inventory pushed gas price to 4.623, the highest level in a week, before settling at 4.586, up +6.5%.
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US Production should Damp Gas Price Outlook
