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Natural gas turns lower after larger supply increase
U.S. natural gas supplies rose 88 billion cubic feet in the week ended Aug. 15, the Energy Information Administration said Thursday. Overall, a stockpile of 2,555 bcf in storage was 535 bcf below the 5-year average of 3,090 Bcf. Analysts polled by Platts expected an increase between 81 bcf and 85 bcf. Natural gas futures turned lower after the data, with the September contract NGU14, -0.31% recently down 2 cents, or 0.6%, at $3.80 per million British thermal units. The contract traded at $3.88 per million Btu shortly before the data release.