Natural gas prices extended their drop for a fifth consecutive day, marking the biggest losing streak in almost seven months, after the U.S. Energy Department said natural gas stockpiles fell below estimates.
Moreover, warmer than expected weather conditions continued to push natural gas prices lower over the past period, and we should expect the downside trend to continue over the upcoming period, given that temperatures remain higher than normal for this time of the year.
The EIA released the weekly natural gas storage change for the week ending April 1, where the prior report showed that natural gas inventories inclined by 12 billion cubic feet, and the EIA report showed that natural gas inventories declined by 45 billion cubic feet, compared with median estimates of a decline of 52 billion cubic feet.
Originally posted here
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