U.S. Natural Gas Futures Snap Three-Day Advance in Asia Trading
Natural gas futures fell in New York, snapping three days of gains.
Gas for August delivery declined as much as 1.1 percent to $3.650 per million British thermal units in electronic trading on the New York Mercantile Exchange today. Futures were down 0.5 percent at $3.673 per million Btu as of 3:43 p.m. in Singapore. The contract rose 1 percent yesterday to $3.690.
The Energy Information Administration said yesterday inventories rose 72 billion cubic feet in the week ended June 28 to 2.605 trillion cubic feet. A survey of Bloomberg users predicted an increase of 75 billion.
“This storage number looks like an adjustment after a few weeks of pretty big inventory builds,” Gordy Elliott, a risk-management specialist at Intl FCStone Inc. in St. Louis Park, Minnesota said yesterday. “Supplies are still pretty heavy and we don’t see any major weather that would lead to heavy power demand.”
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