April natural gas prices traded lower during the initial morning hours registering another new contract low. Some traders suggested that the weakness could have come from a shift in the US weather outlook. This seemed to be a factor weighing on cash natural gas prices in New York after forecasts for slightly warmer temperatures in the Northeast. Yesterday's EIA inventory report came in line with expectations, with a draw of 85 bcf. Total storage stands at 1,745 bcf or 0.9% below the 5 year average. Over the last four weeks natural gas storage has declined 608 bcf.
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