Natural Gas Drops After Smaller-Than-Forecast Inventory Decline |
| Bloomberg - Apr 7, 2011 |
Natural gas futures dropped for a fifth day, heading for their longest losing streak in more than seven months, after a government report showed a smaller-than- expected decline in U.S. stockpiles.
Gas fell as much as 2.7 percent after the Energy Department said stockpiles declined 45 billion cubic feet in the week ended April 1 to 1.579 trillion cubic feet. A survey of Bloomberg users showed an expected decline of 56 billion.
“The smaller storage withdrawal showed the market remains well supplied,” said Cameron Horwitz, an analyst in Houston at Canaccord Genuity. “This will be the last withdrawal of the season. Looking ahead, we expect a very stout refill season.”
Natural gas for May delivery fell 9.5 cents, or 2.3 percent, to $4.051 per million British thermal units at 11:04 a.m. on the New York Mercantile Exchange, the lowest intraday price since March 17. Gas traded at $4.146 before the storage number was released at 10:30 a.m. in Washington. If prices settle lower, the five-day losing streak would be the longest since the period ended Aug. 27, 2010.
Read Full Article from Bloomberg
- Posted: 2011-04-07 10:59:38
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