Low U.S. natural gas storage levels bode well for continued higher natural gas prices. Merrill Lynch reports DOE cut its estimate of working gas in storage as of Mar. 31 to 1.207 tcf from a previous 1.362 tcf estimate. That compares with 1. 544 tcf same time last year and a 6 year average for the period of 1.778 tcf. It implies storage injection demand of 1.7 bcfd during the 214 days until the heating season, 20% higher than normal, Merrill Lynch says.

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