Natural Gas Drops on January Weather Outlook, Record Production |
| Bloomberg - Jan 7, 2013 |
Natural gas futures fell for the fourth time in five days after revised forecasts called for milder weather in late January that would reduce fuel demand and a government report showed record production.
Gas slid 0.6 percent after MDA Weather Services said a midday weather update showed warmer weather for the Midwest and the East over the next 11 to 15 days. Output in the contiguous U.S. states climbed 0.4 percent to a record 73.54 billion cubic feet a day in October, according to the Energy Department’s monthly EIA-914 report.
“The market is holding out hope that colder weather at the end of January will salvage the heating season,” said Teri Viswanath, director of commodities strategy at BNP Paribas SA in New York. “The problem is the 11- to 15-day forecast turned warmer. Less heating demand than originally expected will mean slightly higher end-of-season storage levels. The 914 data is just affirmation that supplies are continuing to grow.”
Read Full Article from Bloomberg
- Posted: 2013-01-07 15:16:19
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