Natural Gas Dips to Lowest Since March 2002 on Inventory Gain

Natural gas futures fell in New York to the lowest level since March 2002 after a government report showed stockpiles expanded more than average to a record for this time of year. Supplies rose 65 billion cubic feet in the week ended Aug. 28 to 3.323 trillion cubic feet, the Energy Department said. Inventories are the highest for that week since the department began publishing data in 1993. Stockpiles typically gained 64 billion cubic feet for the period in the past five years. “We’re well supplied and there’s so little demand,” said Michael Rose, director of trading at Angus Jackson Inc. in Fort Lauderdale, Florida. “Some people are starting to question the economic recovery and that adds more pressure to gas”.....Red the complete article