- Natural Gas moves lower on intraday charts after Natural Gas Storage data shows an unexpected rise in inventories.
- The commodity had been recovering amid a weaker US Dollar and heatwave demand.
- Norwegian outages continue to ravage the supply outlook and further underpinned prices.
- If temperatures across the Western world continue to remain elevated, Natural Gas could see further gains, according to analysts.
Natural Gas price starts declining on Thursday after Natural Gas Storage Change data from the Energy Information Administration (EIA) shows a suprise rise in inventories, indicating robust supply. Gas prices had been recovering due to a mixture of a weaker US Dollar and hotter-than-expected summer weather in the Western world. Temperatures in Texas, for example, are breaking records and the trend is set to continue for 7-10 days, according to forecasters. If the summer is hotter overall, it will quickly put pressure on Natural Gas supplies used in air conditioning, according to a report by Natural Gas World.
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