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Natural Gas Price Ticks Down on Storage Report

The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks increased by 30 billion cubic feet for the week ending November 11. Analysts were expecting a storage addition of about 31 billion cubic feet. The five-year average for the week is an injection of around 3 billion cubic feet, and last year’s storage addition for the week totaled 15 billion cubic feet. Natural gas inventories rose by 54 billion cubic feet in the week ending November 4.

Natural gas futures for December delivery traded down about 0.6% in advance of the EIA’s report, at around $2.74 per million BTUs, and traded near $2.72 after the data release. Natural gas closed at $2.76 per...