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Natural Gas Retreats on Strong Supply

Natural gas prices fell further Thursday, retreating from the higher prices that came with a new June front-month as heavy supplies continue to weigh on the market.

The U.S. Energy Information Administration said stockpiles grew by 73 billion cubic feet of natural gas in storage in the week ended April 22. That is two bcf more than the average forecast from analysts and traders surveyed by The Wall Street Journal, and ends a string of weekly surpluses that had been far below the seasonal average.

The EIA update is widely considered one of the best measures of supply and demand for the natural gas market. The larger-than-expected addition stockpiles would suggest smaller demand or larger supply than expected. Total storage is coming off a record for the end of winter and have now hit 2.6 trillion cubic feet, 52% more than a year ago and 48% more than the five-year average, EIA...


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