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June NYMEX gas edges lower to $2.818/MMBtu on warm weather and robust production

NYMEX June natural gas futures edged lower overnight in US trading ahead of Wednesday's open, as warmer weather and robust production are keeping inventories on track to a healthy level ahead of the next major demand period. At 6:40 am ET (1040 GMT) the contract was 1.8 cents lower at $2.818/MMBtu.

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Recent and anticipated warm weather looks to encourage additional large builds to storage, as an early uptick in cooling demand meets a sharp decline in heating demand.

During the week ended May 9, warmer weather triggered a 14% increase in power burn week on week but also a 37% drop in residential/commercial sector demand, according to the EIA's latest Natural Gas Weekly Update. Total US gas consumption was down 4% on the week.

Warmer weather is in store further out, as the latest National Weather Service projections for both the six-to-10-day and eight-to-14-day periods continue to reflect above-average temperatures across nearly the entire country.



A steadily rising rig count that implies an impending production growth should leave more natural gas available to flow into underground storage facilities.

--Staff reports, newsdesk@spglobal.com

--Edited by Maurice Geller, maurice.geller@spglobal.com