Predictor

Futures Drop Following Unseasonal 47 Bcf Storage Withdrawal

The bears could be in for a great 2009 if the first natural gas storage withdrawal of the new year is any predictor of what lies ahead. The Energy Information Administration (EIA) reported Thursday morning that an anemic 47 Bcf was withdrawn from underground stores for the week ended Jan. 2, triggering a significant drop in February natural gas, which closed the regular session at $5.583, down 28.9 cents.

January 9, 2009