COMMODITIES UPDATE: Natural Gas Slips 1% Following Report of Healthy U.S. Supply
Natural gas futures contract prices are down slightly today, extending a week-long decline following reports of substantial supplies throughout the country.
Prices for futures contracts (NGX13.NYM) are down 3 cents - or nearly 1% - to $3.64 per 1 million British thermal units.
The U.S. Energy Information Administration yesterday reported supplies of natural gas rose by 77 billion cubic feet during the week ended Oct. 11, largely in-line with market expectations.
Total inventory of natural gas now stands at 3.654 trillion cubic feet, down 115 billion cubic feet from the year-ago level and 57 billion cubic feet above the five-year average, the government said.
United States Natural Gas ( UNG ) an exchange traded fund, saw prices slip 19 cents or 1%, to $18.64 per share this morning.