US natural gas inventories have fallen to a 10-year low, whereas European stocks remain high. For the first time since 2003, US inventories dipped under 1 trillion cubic feet last week. It was only the sixth time this has happened since records began in 1994. Just what this means for prices is hotly debated. Many see growing domestic gas production as adequate to replenish inventories over the summer. Others caution that stocks are likely to peak in the autumn, at well below what's been normal over the past five years.
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