News
03/04/10: Natural Gas Storage Levels Drop Less Than Expected
Natural gas stockpiles fell less than expected last week, the government said Thursday morning. The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states dropped by 116 billion cubic feet for the week ended Feb. 26. Analysts expected stocks to fall between 128 and 132 bcf. The inventory level was 1.2 percent above the fiveyear average of about 1.7 trillion cubic feet, and 3.9 percent below last year's storage level of about 1.81 trillion cubic feet… Click here for full MA 03/04/10 article.
02/18/10: Natural Gas Tumbles on Large Supplies, EIA Data
Natural gas prices tumbled more than 4 percent Thursday after the U.S. government said supplies are still higher than average despite a rash of snowstorms that blanketed the East Coast during the past few weeks. Natural gas is used to both heat homes and power electric generators, and supplies generally drop in the winter as homeowners crank up the heat. The EIA said natural gas stores did fall last week. However the remaining supply of 2.03 trillion cubic feet is still nearly 3 percent higher than the five-year average. Natural gas lost… Click here for full MA 02/18/10 article.
02/11/10: EIA Forecasts Gradual Improvement in Gas Market
Domestic natural gas markets should gradually improve during 2010 with modest demand growth, lower production and imports, and higher prices, the US Energy Information Administration suggested in its latest Short-Term Energy Outlook. "EIA expects total natural gas usage to increase 0.4% to 62.5 bcfd in 2010 and another 0.4% in 2011," EIA said Feb 10 in its latest monthly outlook. It also forecast that total marketed gas production will decline 2.6% to 58.7 bcfd in 2010 and increase by 1.3% in 2011. The EIA said… Click here for full MA 02/11/10 article.
02/04/10: Natural Gas Extends Decline after Storage Data
Natural gas futures extended declines in New York after a government report showed that U.S. inventories shrank less than analysts estimated. Stockpiles fell 115 billion cubic feet in the week ended Jan. 29 to 2.406 trillion cubic feet, the EIA report today showed. Analysts forecast a decline of 121 bcf. The five year average withdrawal for the week is 178 bcf. Natural gas for March delivery fell 9.9 cents, or 1.8 percent, to $5.32 per mmBtu at 10:42 a.m. on the NYMEX. Gas was trading at $5.369 per million Btu … Click here for full MA 02/04/10 article.
01/28/10: Natural Gas Futures Fall Following Storage Data
Natural gas futures traded lower following the release of a U.S. government report that showed a smaller-than-expected decline in natural gas storage last week. Natural gas for March delivery on the NYMEX recently traded at 7.4 cents, or 1.42%, lower at $5.15 a million British thermal units. The March contract fell as low as $5.06/MMBtu after the EIA said that natural gas storage levels fell by 86 billion cubic feet last week. Analysts and traders had expected a drop of 108 bcf… Click here for full MA 01/28/10 article.