JUNE 18, 2009, 10:51 A.M. ETUS GAS: Futures Slide On Above Expected EIA Storage
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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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