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Wednesday, August 8, 2012

Natural gas futures prices 8/8/2012

Natural gas futures prices 8/8/2012 : Natural gas retreated 1.7% on worries that demand for the fuel will decline as extreme heat subsides. Natural-gas futures for September delivery on the New York Mercantile Exchange were recently trading down 5.1 cents to $2.913/MMBtu.

Prices rose as high as $2.995/MMBtu Tuesday but failed to break through the $3/MMBtu level.

The National Weather Service's six to 10-day outlook on Tuesday forecast above-normal temperatures for most of the western half of the U.S. and normal readings elsewhere.

Gas prices had been higher in the previous two sessions, as markets consolidated after last week’s steep sell-off, following a larger-than-expected increase in natural gas inventory levels.

The U.S. Energy Information Administration said Thursday that natural gas in storage grew by 28 billion cubic feet to 3.217 trillion cubic feet for the week ended July 27.

Analysts had forecast an increase of 23 billion to 3.167 trillion cubic feet.

Total natural gas inventories are now 14.5% above the five-year average of 2.810 trillion cubic feet for the week and 17.2% above last year’s level of 2.745 trillion cubic feet, according to the government data.

Stockpiles rose to 60% above the five-year average in March, after a mild winter cut demand for natural gas to heat homes and businesses, sparking fears that supplies would exceed available storage capacity by the end of the year.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were up 0.60% to USD94.18 a barrel, while heating oil for September delivery was up 0.34% to trade at USD3.008 per gallon

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