Friday, October 1, 2010

Lots of Natural Gas Available

Sept. 30 (Bloomberg) -- Natural Gas futures fell for the first time in three days before a government report that may show ample U.S. stockpiles.
The Energy Department may say today that U.S. gas stockpiles increased by 68 billion cubic feet in the week ended Sept. 24, according to the median of 23 analyst estimates compiled by Bloomberg. The five-year average gain is 67 billion. Inventories were 6.2 percent above the five-year average level in the week ended Sept. 17.
"Everybody is waiting for the report," said an analyst with PFG Best in Chicago. "Whatever the number happens to be today the storage is going to be more than ample. The fundamental is very bearish."
Natural gas for November delivery declined 7 cents, or 1.8 percent, to $3.892 per million BTU at 10:07 a.m. on the NYME. The futures have dropped 30 percent this year.
Gas supplies gained 73 billion cubic feet in the week ended Sept. 17 to 3.34 trillion, the Energy Department reported last week. A deficit to year-earlier supplies narrowed to 5 percent from 5.3 percent.

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