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Natural Gas Slumps As Investors Dismiss Third-Largest Supply Drawdown in US History
Natural gas futures tumbled despite one of the largest weekly supply drawdowns in years. Investors shrugged off the latest storage data as they moved on to new weather forecasts that suggest the US is poised for a warmer-than-average spell. March natural gas futures dropped $0.05, or 2.17%, to $2.213 per million British thermal units (Btu) at 18:16 GMT on Thursday on the New York Mercantile Exchange. The so-called bridge fuel is on track for a weekly decline of nearly 9% and is down close to 5% year-to-date. According to the US Energy Information Administration (EIA), domestic stockpiles of natural gas crashed by 326 ... (full story)