Natural gas futures declined in New York before a government report tomorrow that will probably show that supplies fell less than average last week. The Energy Department may say supplies declined 48 billion cubic feet, based on the median of 12 analyst estimates compiled by Bloomberg. The five year average drop for the week is 90 billion. Gas futures gained 15 percent in the previous three days on forecasts for colder weather.
“The withdrawal will be relatively modest,” said Phil Flynn, vice president of research at PFGBest in Chicago. “We’re still very well supplied. If the cold front doesn’t live up to its billing, we could fall pretty dramatically.” Natural gas for January delivery fell 2.6 cents, or 0.5 percent, to $5.088 per million British thermal units at 10:45 a.m. on the New York Mercantile Exchange. Prices have declined 9.5 percent this year. The contract has traded between $5.04 and $5.23 per million Btu today. U.S. gas stockpiles rose 2 billion cubic feet to a record 3.837 trillion cubic feet in the week ended Nov. 27, according to department data.....Read the entire article.
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