U.S. natgas futures edge lower after three days of gains
* Front month remains under recent 21-month high * Weather forecasts warmer for the next two weeks * Coming Up: EIA natgas storage data on Thursday By Eileen Houlihan NEW YORK, May 22 (Reuters) - U.S. natural gas futures edged lower early on Wednesday, likely in some profit taking after the front month contract rose nearly 7 percent in the past three sessions to a three-week spot high. But with warm weather blanketing much of the nation and expected to remain for at least the next two weeks, most traders see limited downside. As of 9:09 a.m. EDT (1309 GMT), front-month June natural gas futures on the New York Mercantile Exchange were at $4.167 per million British thermal units, down 2.5 cents. The nearby contract hit a one-month low of $3.883 on May 9 after climbing to a 21-month high of $4.444 on May 1. The latest National Weather Service six to 10-day forecast and the eight to 14-day outlook, both issued on Tuesday, called for above-normal temperatures for about the eastern two-thirds of the nation and below-normal readings only on the West coast. Early injection estimates for Thursday's gas storage report from the U.S. Energy Information Administration range from 82 billion cubic feet to 106 bcf versus a 75-bcf build during the same week last year and a five-year average rise for that week of 90 bcf.
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