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March natural gas prices traded higher during the early morning hours and went on to fill Sunday's opening gap. Despite the early morning gain, some traders indicated that March natural gas was carving out a consolidation pattern after the late 2011-early 2012 sell off. US weather forecasts continue to point to normal to above normal temperatures in the Eastern half of the country and normal to below normal in the Western half of the country out to February 27th. The above normal temperatures in key US demand areas represents a force likely to force a smaller than normal storage withdrawal this week.
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