May natural gas prices experienced a narrow overnight and early morning trading range that held above yesterday's new contract low. The market showed a negative reaction to a relatively neutral EIA storage report yesterday. Weekly natural gas storage showed an injection of 25 bcf. Total storage stands at 2,512 bcf or 57.7% above the 5 year average. Over the last four weeks natural gas storage has increased 132 bcf. The report showed falling natural gas demand across most sectors in the recent week, with the exception of power generation, which was up nearly 8.0% on the week.
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