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Natural gas futures little changed in holiday-thinned trade

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Investing.com - Natural gas futures were little changed in holiday-thinned trade on Thursday, as investors focused on U.S. supply levels following the release of Wednesday's weekly inventory report.

The report came out a day earlier than usual due to the Fourth of July holiday in the U.S. on Thursday.

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.656 per million British thermal units during U.S. morning trade, little changed on the day.

The August contract held in a range between USD3.617 per million British thermal units, the session low and a daily high of USD3.700.

Trade volumes were expected to remain light on Thursday, with markets in the U.S. closed for the Independence Day holiday.

The U.S. Energy Information Administration said Wednesday that natural gas storage in the U.S. in the week ended June 28 rose by 72 billion cubic feet, below expectations for an increase of 75 billion.

Inventories rose by 95 billion cubic feet in the same week a year earlier, while the five-year average for the week is a build of 71 billion cubic feet.

Total U.S. natural gas storage stood at 2.605 trillion cubic feet as of last week, 1.1% below the five-year average and 16% below last year's level.

Meanwhile, weather forecasting models pointed to mild temperatures across most parts of the mid-Continent over the next five days, dampening near-term demand expectations for the fuel.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August dipped 0.15% to trade at USD101.10 a barrel, while heating oil for August delivery added 0.3% to trade at USD2.949 per gallon.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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