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Gas Near Three-Week High
U.S. natural gas futures held near $3.30 per million British thermal units, approaching their highest level since mid-October, supported by forecasts of a cold spell in the eastern United States and rising demand for LNG exports. But further gains are not guaranteed: inventories stood at 3.801 trillion cubic feet, 54 billion cubic feet above the five-year average, despite production falling to 112.2 billion cubic feet per day. The Energy Information Administration cut its forecast for the average Henry Hub price from November through March by 16%, to $2.87. Future price movements will depend on weather, inventories, production and export flows.
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