August Natural Gas futures declined for a second consecutive session, marking a two-day drop of nearly 7.9% and touching its lowest level since June 15. This downward pressure occurred despite forecasts for hot to extremely hot weather across the southern two-thirds of the U.S., which is expected to keep domestic cooling demand elevated over the next seven days. Compounding the bearish sentiment, the latest EIA report revealed a storage build of 61 billion cubic feet, surpassing market expectations of 51 billion cubic feet and outstripping the five-year average build. While the injection increased total supplies to 2,983 billion cubic feet, overall inventories remain 15 billion cubic feet below last year's levels.
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