Natural Gas Declines as Inventories Grow
Futures for natural gas declined as US inventories grew. The Energy Department reported that stockpiles increased by 67 billion cubic feet to 3.843 trillion cubic feet last week, matching analysts’ forecasts. The increase was bigger than
Inventories may climb even further as supply is expected to increase. According to Baker Hughes Inc., the number of rigs that were drilling for natural gas in the United States increased by five to 427 last week. Consumption, on the other hand, is not likely to rise as forecasters predict
November futures for delivery of natural gas declined as much as 1.6 cents to $3.434 per million British thermal units on NYMEX, reaching the lowest price since October 8. Prices have fallen 6.1 percent from a year ago.
If you have any questions and comments on the commodities today, use the form below to reply.