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US natgas prices drop 5% to one-week low on forecasts for less hot weather
U.S. natural gas futures dropped about 5% to a one-week low on forecasts for less demand and less hot weather over the next two weeks than previously expected. That price drop came despite a slightly smaller-than-expected storage build last week when hotter-than-normal weather boosted the amount of gas power generators burned to produce power to keep air conditioners humming. In the spot market, meanwhile, power and gas prices in some markets rose to their highest in months as homes and businesses continued to crank up their air conditioners to escape a lingering heat wave blanketing much of the country this week. ... (full story)