Natural gas prices are again back near their session lows
Thursday, slipping back after a brief rally sparked by a government
report that found inventories declined slightly more last week than
industry experts were expecting.
Natural gas supplies declined last week, falling 107 billion
cubic feet during the week ended Jan. 17 to 2.423 trillion cubic
feet. That pulled supplies 19% below year-ago levels and 13.2%
beneath the five-year average although the draw was significantly
less than the record 169 billion cubic feet reported for the week
ended Jan. 10.
Industry experts polled by Platts were expecting a draw of
between 102 billion to 106 billion cubic feet for natural gas last
February natural gas (NGG14.NYM) was up nearly 8 cents in late
morning trade at $4.69 per 1 million BTU, just a penny off its
session low. The front-month contract rose to a session high of
$4.95 in early morning trade only to slide back under $4.70 per 1
million BTU just before the 10:30 a.m. Energy Information Agency
Natural gas prices have been on tear in recent weeks, climbing
nearly 25%, as extremely cold weather in many parts of the country
drives up demand for the heating and cooking fuel.
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