Natural Gas Drops in New York Before Report on U.S. Stockpiles
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Natural gas futures fell in New York before a report predicted to show an above-average gain in U.S. stockpiles as warmer weather reduced demand for the heating and power-plant fuel.
Gas slid 1.2 percent, approaching the lowest level in a month. The Energy Information Administration release will show inventories rose by 86 billion cubic feet in the seven days to May 3, according to the median of 19 analyst estimates compiled by Bloomberg News. The five-year average supply gain for the period is 69 billion cubic feet, EIA data show. Gas fell the most in nine months on May 2 after the weekly report showed a larger-than-predicted injection.