Natural Gas Futures Slump to 1-Year Low After U.S. Supply Data

- October 6th, 2011

Money Control.com reported that natural gas futures inched down, falling to the lowest level since October 2010 after the U.S. Energy Information Administration said that natural gas inventories surged unexpectedly.

Money Control reported that natural gas futures inched down, falling to the lowest level since October 2010 after the U.S. Energy Information Administration said that natural gas inventories surged unexpectedly.

As quoted in the market news:

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 30 rose by 97 billion cubic feet, after increasing by 111 billion cubic feet in the preceding week. Analysts had expected U.S. natural gas storage to rise by 94 billion cubic feet.

Total U.S. natural gas storage stood at 3.409 trillion cubic feet. Stocks were 78 billion cubic feet less than last year at this time and 28 billion cubic feet above the five-year average of 3.381 trillion cubic feet for this time of year.

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