Natural Gas Drops to Five-Month Low as Stockpile Surplus Gains

Natural gas futures dropped to the lowest price in more than five months as a surplus of the fuel gained after a smaller-than-forecast stockpile decline.

Inventories shrank 11 billion cubic feet in the week ended March 12 to 1.615 trillion cubic feet, the Energy Department report today showed. Analysts forecast a decline of 30 billion. The surplus to the five-year average widened to 4.7 percent from 1.2 percent a week earlier.

“Companies are finding cheaper ways to produce gas and finding more areas to produce it,” said Michael Rose, director of trading at Angus Jackson Inc. in Fort Lauderdale, Florida. “They’ve created an environment for low prices. They’re really good at what they do.”

Read Full Article from Bloomberg

- Posted: 2010-03-18 10:49:26

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