JUNE 18, 2009, 10:51 A.M. ETUS GAS: Futures Slide On Above Expected EIA Storage DataArticleEmailPrinter FriendlyShare:Yahoo Buzz↓ MoreText By Christine Buurma and Veronica Dagher Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Natural gas futures slid Thursday after the U.S. Energy Information Administration reported a build in storage that was larger than analysts' and traders' expectations.Natural gas for July delivery on the New York Mercantile Exchange was trading 13.2 cents lower, or 3.1%, at $4.121 a million British thermal units Thursday. Futures were about 2.8% below where they were trading ahead of the data release.The EIA reported an injection into storage of 114 billion cubic feet for the week ended June 12, surpassing the 104 bcf build analysts and traders had predicted in a Dow Jones Newswires survey.The five-year average injection for this time of year is 80 bcf, according to the EIA. In the same week last year, 60 bcf of gas were added to storage.The latest build brings the total amount of gas in storage to 2.557 trillion cubic feet, 22.6% above the five-year average and 32.1% above last year's level as of June 12."This should take a little steam out of the recent rally," said Jim Ritterbusch, the president of Ritterbusch & Associates, a Galena, Ill. energy advisory firm. "The weather is going to be a key driver as we proceed into rest of this month."Forecasters are predicting above-normal temperatures in the Midwest over the next two weeks, but below-normal in the Northeast. The National Oceanic and Atmospheric Administration said Thursday that it expects Below-normal temperatures from July through September in a central U.S. region centered around Illinois and Missouri. -By Christine Buurma and Veronica Dagher, Dow Jones Newswires; 201-938-2061; christine.buu...@dowjones.com
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