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Natural-gas futures extend gains after EIA reports bigger-than-expected weekly U.S. supply decline

The U.S. Energy Information Administration reported Friday that domestic supplies of natural gas fell by 63 billion cubic feet for the week ended Nov. 30. The data were released a day later than usual because of Wednesday’s National Day of Mourning following the passing of former President George H.W. Bush. Analysts polled by S&P Global Platts had forecast a decline of 57 billion cubic feet, on average. Total stocks now stand at 2.991 trillion cubic feet, down 704 billion cubic feet from a year ago, and 725 billion below the five-year average, the government said. January natural gas traded at $4.462 per million British thermal units, up 13.5cents, or 3.1%, from Wednesday’s settlement. It was trading at $4.458 before the supply data.

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