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Natural Gas Futures Decline for Third Day on Inventory Outlook
Sep. 22, 2011 04:33PM PST
Oil and Gas InvestingBloomberg reported that natural gas futures declined to an 11-month low, on anticipation that supplies of the fuel will be sufficient to meet winter heating needs.
Bloomberg reported that natural gas futures declined to an 11-month low, on anticipation that supplies of the fuel will be sufficient to meet winter heating needs.
The market news is quoted as saying:
Gas fell 0.7 percent as a shortfall to five-year average inventory levels narrowed to 1.1 percent in the week ended Sept. 16 from 1.6 percent the previous week, the Energy Department said today. Stockpiles rose 89 billion cubic feet to 3.201 trillion, above the five-year average gain of 72 billion.
“There’s no doubt that we’re going to have enough gas in storage to make it through the winter,” said Peter Beutel, the president of Cameron Hanover Inc. in New Canaan, Connecticut. “Gas traders haven’t been able to generate any sort of bull market that can keep itself going.”