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Natural Gas Climbs

May 2, 2013

May 2 (Bloomberg) -- Natural gas futures advanced in New York as analysts predicted government data would show a smaller- than-normal gain in stockpiles of the heating fuel, expanding a supply deficit.

Gas rose as much as 0.9 percent. A report due at 10:30 a.m. in Washington from the Energy Department’s Energy Information Administration may show that stockpiles increased by 30 billion cubic feet in the week ended April 26, according to the median of 23 estimates compiled by Bloomberg. The five-year average injection is 67 billion.

"The storage number looks like it’s going to be positive for gas prices," said Victor Zevallos, an energy trader at FCStone Latin America LLC in Miami. "We’re probably going to widen the inventory deficit this week."

Natural gas for June delivery rose 2 cents, or 0.5 percent, to $4.346 per million Btu at 8:48 a.m. on the New York Mercantile Exchange. The futures have climbed 30 percent this year. Trading volume was 47 percent below the average for the time of day.

 

--Editors: Bill Banker, Charlotte Porter

 

To contact the reporter on this story: Christine Buurma in New York at cbuurma1@bloomberg.net;

 

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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