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U.S. Natural Gas Futures Post Modest Gains

1525 ET – U.S. natural gas futures rise for a third straight session, holding above the key $3.50 level in choppy trade ahead of tomorrow's EIA storage data. 'Heat coming to Texas early next week has our full attention as it could set a new demand record,' Gary Cunningham of Tradition Energy says in a note. Meanwhile, the low-pressure system that passed over northern Florida into the Gulf 'may end up being just a lot of rain from the panhandle to New Orleans,' he adds. The EIA is expected to report a slightly bigger-than-average 47 Bcf build in storage for last week, according to a Wall Street Journal survey of analysts. Nymex natural gas settles up 0.8% at $3.551/mmBtu. (anthony.harrup@wsj.com)
1018 ET – U.S. natural gas futures are higher for a third day with weather forecasts showing strong heat-driven demand for the second half of July. Traders are also taking note of an agreement for EQT to supply the natural gas for a 4.4 gigawatt plant to power a major data center development in Pennsylvania, as 'more supplies out of Appalachia may eventually become locally consumed,' Dennis Kissler of BOK Financial says in a note. Nymex natural gas is up 1.3% at $3.570/mmBtu. (anthony.harrup@wsj.com)
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