July natural gas prices traded lower during the early morning hours and registered a lower low in the process. Perhaps some of that weakness comes ahead of this morning's EIA storage report. Expectations for this morning's EIA storage report are for an injection of around 70 bcf, which compares to an increase of 89 bcf last year and the five year average of 100 bcf. Some traders suggested that the natural gas market remained under a degree of pressure from the latest weather forecasts calling for below normal temperatures along the northeast coast in early June. These moderating weather forecasts are seen reducing air-conditioning demand for natural gas.
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