Canadian Natural Gas Falls as U.S. Storage Gain Tops Estimates

Business Week reported that Canadian natural gas dropped after the U.S. Energy Department announced that the stockpiles of the fuel have increased more than analysts estimated.

The market news is quoted as saying:

U.S. supplies rose 111 billion cubic feet, or 3.5 percent, to 3.312 trillion in the week ended Sept. 23, the department said. Stockpiles had been expected to rise 103 billion, the median of 24 analyst estimates compiled by Bloomberg.

We are predicting this year’s peak storage to be roughly comparable to last year’s peak by mid-November,” said Stephen Smith, an energy analyst and president of Stephen Smith Energy Associates in Natchez, Mississippi. Stockpiles reached a record 3.84 trillion cubic feet Nov. 5.

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