Friday, August 24, 2012

Natural gas prices august 24 2012

Natural gas prices august 24 2012 : Natural-gas futures fell to a two-month low in New York amid speculation that Tropical Storm Isaac won’t result in widespread production cuts in the Gulf of Mexico.

Gas slid 3.6 percent, the biggest one-day drop since Aug. 10. The National Hurricane Center forecast Isaac may become a hurricane off the west coast of Florida in about four days, according to a 2 p.m. advisory. The Gulf accounted for about 7 percent of U.S. gas production in 2011 compared with 11 percent in 2008.

Gas for September delivery dropped 10 cents to $2.702 per million British thermal units on the New York Mercantile Exchange, the lowest settlement price since June 25. The futures slid 0.6 percent this week, capping losses for a fifth straight week. Gas is down 9.6 percent this year.

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