Natural gas futures rose to the highest price in more than a month after the weekly gas storage data report showed a larger-than-expected decline in US gas inventories. However, with little fundamental evidence to back up the solid 20% miss by market consensus, the report was met with some skepticism. And with low shoulder-month demand emerging, it will be hard for emerging, it will be hard for market bulls to press gas prices much higher. "Industrial gas flow into the Northeast was strong," said analyst Stephen Schork, as he explained the unanticipated drawdown in gas stocks. "Plus, I also think we're seeing an end-of-season utility purge ahead of the refill season."
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