Natural gas futures fell, extending a 10-year low, after a government report that showed U.S. inventories climbed more than expected last week.
Gas slid as much as 1.7 percent, adding to yesterday’s 5.8 percent decline, after the Energy Department yesterday said inventories rose 57 billion cubic feet in the week ended March 23 to 2.437 trillion cubic feet. Analyst estimates compiled by Bloomberg showed an expected gain of 48 billion. Mild winter weather and record production have sent prices down 29 percent this year.
Natural gas for May delivery fell as much as 3.6 cents to $2.113 per million British thermal units on the New York Mercantile Exchange, the lowest intraday price since February 2002. Prices yesterday dropped to $2.149, the biggest single-day percentage decline since March 1.
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