1027 ET - U.S. natural gas futures are holding their ground after four sessions of losses with the August contract set to expire at the close. Power-sector demand from summer heat has been offset by strong production, weak LNG feedgas and above-average storage. While further weakness appears likely into August, prices could rebound in the autumn as lower gas prices encourage coal-to-gas fuel switching, and producers curtail output and delay bringing drilled wells on line, Eli Rubin of EBW Analytics says in a note. Nymex natural gas for August delivery is near flat at $2.663/mmBtu and the September contract is up 0.3% at $2.709/mmBtu.
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