With the Northeast preparing for the first major snow storm of the year, natural gas futures plummeted nearly 4 percent on Thursday, after a government report showed a smaller-than-expected decline in weekly gas supplies.
Natural gas futures fell 13 cents to a session low of $3.28 per million BTUs. The U.S. Energy Information Administration reported natural gas supplies fell by 118 billion cubic feet last week, less than consensus estimates of 122-126 bcf. The decline in natural gas in storage was greater than the same week in 2012, but far less than usual for this time of year.
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