U.S. Natural Gas Declines After Yesterday’s 5% Surge in New York
Natural gas futures fell in New York after yesterday’s 5 percent advance.
Gas for August delivery declined as much as 0.4 percent to $3.798 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.802 at 1:45 p.m. Singapore time. The contract jumped yesterday to $3.812, the highest closing price since June 20, after U.S. stockpiles climbed by less than forecast last week.
The U.S. Energy Information Administration said inventories rose 58 billion cubic feet in the week ended July 12 to 2.745 trillion. Analyst estimates compiled by Bloomberg forecast an injection of 65 billion. Gas has risen in four of the past five days as above-average summer temperatures in the Northeast U.S. boosted demand from power plants.
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