US GAS: Futures Sell Off After Inventory Report |
| Wall Street Journal - Mar 29, 2012 |
Natural gas futures plunged Thursday after the government reported a bigger-than-expected increase in gas inventories last week, underscoring weak demand for the fuel in the face of elevated production.
Front-month futures dropped more than 5 cents in the first minute alone after the release of the 10:30 a.m. EDT report, which showed inventories last week rose 57 billion cubic feet.
The rise was well above the 46-bcf build projected in a Dow Jones Newswires survey of analysts.
"It's falling like a rock after that storage number," said Eric Bickel, analyst at Summit Energy in Louisville, Ky.
Natural gas for May delivery recently traded down 9.8 cents, or 4.3%, to $2.184 per million British thermal units on the New York Mercantile Exchange.
The contract fell as low as $2.165, cheaper than the Wednesday $2.191 expiration price of the April contract, which was a 10-year settlement low. May futures began the day more expensive than April's finish.
Read Full Article from Wall Street Journal
- Posted: 2012-03-29 11:24:06
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