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US natgas prices edge up to 2-week high on lower output, higher demand
U.S. natural gas futures edged up about 1% to a two-week high on Friday on recent declines in daily output and forecasts power generators will burn a lot more gas in late June to meet rising electric use as homes and businesses crank up their air conditioners to escape an expected coming heat wave. Traders said that price increase, which puts the contract within a penny of a 20-week high, was being held in check by lower spot prices and the tremendous oversupply of gas still in storage. Analysts said current gas stockpiles were around 24% above normal levels for this time of year. Front-month gas futures for July ... (full story)