Today's Mcx Market Update on Natural Gas
U.S. natural gas futures edged modestly higher on Friday, but prices held close to 17-year lows as forecasts calling for more warmth in the U.S. northeast over the next two weeks weighed. On the New York Mercantile Exchange, natural gas for delivery in April inched up 0.6 cents, or 0.34%, to close the week at $1.791 per million British thermal units.
Prices fell to $1.711 on Thursday, the lowest level since 1999, as the contract for March delivery expired. For the week, natural gas futures lost 7.6 cents, or 4.07%, the fourth straight weekly decline, as a widening supply glut and expectations of mild demand weighed.
Natural gas prices tumbled on Thursday after the U.S. Energy Information Administration said that natural gas storage in the U.S. fell by 117 billion cubic feet, much less than expectations for a decline of 139 billion.
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