September natural gas registered another new contract low this morning, as it continued to retreat from moderating temperatures and yesterday's EIA data. The latest 6 to 10 day weather maps forecast normal to below normal temperatures for the upper eastern portion of the US, which could reduce cooling demand for natural gas. Yesterday's weekly EIA natural gas storage report showed an injection of 44 bcf, which was higher than expected. This brought total storage to 2,758 bcf or 2.4% below the 5 year average. Over the last four weeks natural gas storage has increased 231 bcf. NOAA revised its estimate for the number of 2011 hurricanes upward, but traders said that had little impact on the market in yesterday's session.
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