MTECHTIPS;-Natural Gas Futures Tick Higher As Focus Turns To Storage Data

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MTECHTIPS;-Natural Gas Futures Tick Higher As Focus Turns To Storage Data

MTECHTIPS- Natural gas futures ticked higher on Wednesday, as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. Front-month U.S. natural gas futures rose 3.2 cents, or roughly 1.2%, to $2.729 per million British thermal units (btu) by 9:35 AM ET (1335 GMT). The commodity ended modestly higher on Tuesday, as a cooler early-spring outlook boosted demand prospects for the fuel. However, market experts warned that futures are likely to remain vulnerable in the near-term as spring usually sees the weakest demand for natural gas in the U.S. The heating season from November through March is the peak demand period for U.S. gas consumption, as the absence of extreme temperatures curbs demand for heating and air conditioning. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw of around 29 billion cubic feet (bcf) in the week ended March 30. That compares with a decline of 63 bcf in the preceding week, an increase of 2 bcf a year earlier and a five-year average drop of 28 bcf

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