Natural Gas Declines After Supply Drop Misses Estimates
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Natural gas futures fell from a one-year high in New York after a government report showed a stockpile drop that was short of analyst estimates.
Gas declined 1.5 percent, closing lower for the first time this week. The Energy Department said stockpiles dropped 18 billion cubic feet last week to 3.911 trillion after rising to a record the previous week. Analyst estimates compiled by Bloomberg showed an expected decline of 22 billion. Prices had climbed 8.6 percent this week in anticipation of the report.