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U.S. natgas futures climb as storage withdrawals meet expectations

Published 12/28/2017, 10:56 AM
Updated 12/28/2017, 11:00 AM
© Reuters. Natural gas flares are seen at an oil pump site outside of Williston, North Dakota
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(Reuters) - U.S. natural gas futures surged on Thursday after federal data showed a storage withdrawal in line with market expectations.

Front-month gas futures (NGc1) for February delivery on the New York Mercantile Exchange rose 16.1 cents, or 5.9 percent, to $2.893 per million British thermal units at 10:39 a.m. EST (1539 GMT).

U.S. utilities pulled 112 billion cubic feet of gas from storage during the week ended on Dec. 22, the U.S. Energy Information Administration reported on Thursday.

© Reuters. Natural gas flares are seen at an oil pump site outside of Williston, North Dakota

That was in line with the 113 bcf draw analysts estimated in a Reuters poll and compares with a year-earlier decline of 233 bcf and a five-year average decrease of 111 bcf for that period. [EIA/GAS]

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