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Thursday, August 9, 2012

Natural gas futures prices 8/9/2012

Natural gas futures prices 8/9/2012 : Natural gas futures rallied on Thursday, jumping more than 5% after U.S. government data showed that inventory levels rose less-than-expected last week, easing concerns over a supply overhang. On the New York Mercantile Exchange, natural gas futures for delivery in September traded at USD3.095 per million British thermal units during U.S. morning trade, rallying 5.47%.

The Energy Information Administration said that natural gas in storage grew by 24 billion cubic feet to 3.241 trillion cubic feet for the week ended August 3.

Analysts had forecast an increase of 30 billion cubic feet.

Total natural gas inventories are now 13.5% above the five-year average of 2.855 trillion cubic feet for this week and 16.8% above last year’s level of 2.776 trillion cubic feet, according to the government data.

Stockpiles rose to 60% above the five-year average earlier this year 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.

Natural gas prices dropped more than 1% on Wednesday, as long-term forecasts cooler weather across much of the U.S. dampened the outlook for gas-powered electricity demand.

Cooler-than-normal temperatures decrease the need for gas-fired electricity to power air conditioning, lower demand for natural gas. Natural gas accounts for about a quarter of U.S. electricity generation.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were up 0.65% to USD93.96 a barrel, while heating oil for September delivery climbed 0.51% to USD3.0316 per gallon.

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