On the New York Mercantile Exchange, natural gas futures for delivery in September traded at USD2.971 per million British thermal units during U.S. morning trade, falling 6.29%.
The Energy Information Administration said 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 this week and 17.2% above last year’s level of 2.745 trillion cubic feet, according to the government data.
The increase last week compares with an addition of 43 billion cubic feet a year ago and a five-year average build of 56 billion cubic feet.
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.
Prices had climbed to the highest levels of the year earlier in the week, as forecasts for higher-than-average temperatures across much of the U.S. boosted the outlook for increased gas-powered electricity consumption.
Warmer-than-normal temperatures increase the need for gas-fired electricity to power air conditioning, boosting 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 was down 1.38% to USD87.77 a barrel, while heating oil for September delivery slipped 0.13% to USD2.856 per gallon
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
gas
- Gasoline prices forecast winter 2013
- Natural gas futures forecast october 15-19 2012
- Natural gas futures prices october 10 2012
- Natural gas futures prices under pressure october 2 2012
- average fuel prices week september 24 2012
- Natural gas prices september 21 2012
- Impact European antitrust case against Gazprom on Russian gas market
- Natural Gas prices for september 17-21 2012
- Natural gas futures september 6 2012
- Natural gas prices forecast september 3-7, 2012
- EIA expects oil prices for 2012 - 2013
- Natural gas futures outlook 8/31/2012
- Natural gas futures for september 2012
- Natural gas futures prices august 30 2012
- Natural gas futures prices 8/29/2012
- Natural gas futures prices 8/27/2012
- Natural gas futures prices for august 27-31 2012
- Natural gas prices august 24 2012
- Natural gas prices forecast 2012 - 2013
- LNG production and consumption forecast 2020 -2030
- Natural gas futures prices 8/23/2012
- Natural gas futures prices 8/22/2012
- Nat gas futures prices 8/20/2012
- Natural gas prediction week August 20 - 24 2012
- Canadian natural gas prices august 14 2012
No comments:
Post a Comment