The Conversation (0)
Natural Gas Finishes at Highest Price in Over a Month
Sep. 11, 2012 04:51PM PST
Oil and Gas InvestingThe Wall Street Journal reported that natural gas prices ended at the highest level in more than a month after increasing 6.4 percent on the expectation that the United States’ gas surplus will decrease in the next few weeks.
The Wall Street Journal reported that natural gas prices ended at the highest level in more than a month after increasing 6.4 percent on the expectation that the United States’ gas surplus will decrease in the next few weeks.
As quoted in the market news:
Natural gas for October delivery settled up 18 cents, at $2.992 a million British thermal units on the New York Mercantile Exchange, the highest settlement since Aug. 1. The gain adds to a 13-cent rise Monday.
Prices rallied as traders and analysts said they expect that production cuts in the Gulf of Mexico due to Hurricane Isaac will result in a second week of lower-than-normal gas injections when data are released Thursday. U.S. inventories are 11% above five-year average levels after rising to 60% above average in March.
Click here to read the full report from The Wall Street Journal.