Hurricane Alex-inspired precautionary production shut-ins in the Gulf of Mexico last week proved inconsequential to U.S. natural gas supply as the Energy Information Administration (EIA) reported Thursday morning that a larger-than-expected 78 Bcf injection was made into storage for the week ending July 2. Natural gas futures values plunged on the news.
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EIA Reports 48 Bcf Build; Futures Battle Against Fundamentals
After absorbing the inconsequential natural gas storage report for the week ended Aug. 25, October natural gas futures traders, staring at nothing but bearish fundamentals, pushed the market lower Thursday, briefly plunging the prompt-month below the psychological $6 price level. October natural gas ended up closing out the day at $6.048, down 24.2 cents.
September 1, 2006
Weather, Punxsutawney Phil Push Prices Up; ANR Blast Inconsequential
The prospect for renewed cold weather in the Midwest and Northeast early this week resulted in across-the-board cash increases ranging from about a nickel to 45 cents Monday. Most gains were between a dime and 30 cents.
February 4, 2003
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