MTECHTIPS;-Natural Gas Price Fundamental Weekly Forecast

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MTECHTIPS;-Natural Gas Price Fundamental Weekly Forecast

MTECHTIPS-Natural gas futures closed lower last week as stubborn speculators finally succumbed to expectations that moderating temperatures in the coming weeks may result in higher weekly storage injections. October Natural Gas futures settled the week at $2.913, down $0.036 or -1.22%. Although the pullback was primarily driven by expectations temperatures would moderate, high production levels also contributed to the selling pressure According to the latest report, the U.S. National Weather Service expects milder temperatures to cover much of the western U.S. over the next six to 10 days while warmer-than-average temperatures are forecast for the rest of the country. Longer-term, the NWS says the September outlook shows warmer-than-normal temperatures for much of the U.S According to S&P Global Platts Analytics, U.S. dry gas production averaged 82.4 Bcf/d over the past seven days. Output is forecast to maintain this level over the next two weeks. So far in August, production averaged 81.7 Bcf/d, up 9.1 Bcf/d from a year-ago level of 72.6 

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