Post - Friday, 02 August 2013 - Hellenic Shipping News Worldwide
Natural gas futures declined for a second day in New York, set for a
second weekly drop, after U.S. stockpiles increased more than forecast
last week.
Gas for September delivery fell as much as 0.9 percent to $3.356 per
million British thermal units in electronic trading on the New York
Mercantile Exchange and was at $3.361 at 10:43 a.m. Singapore time.
Prices are down 5.5 percent this week.
U.S. natural gas inventories rose 59 billion cubic feet to 2.845
trillion in the week ended July 26, the Energy Information
Administration reported yesterday. That’s more than a median gain of 56
billion forecast by analysts in a Bloomberg News survey. Commodity
Weather Group LLC said the weather may be mostly cooler than average in
the eastern two-thirds of the U.S. through Aug. 15.
“The number was just a touch above expectations and we have a few
bearish factors weighing down the market,” Kent Bayazitoglu, an analyst
at Gelber & Associates Corp. in Houston, said yesterday. “We’re on
track for a mild August. The summer has not panned out in terms of
cooling demand.”
The high in New York on Aug. 8 may be 80 degrees Fahrenheit (27
Celsius), 4 lower than usual, said AccuWeather Inc. in State College,
Pennsylvania. The high in Chicago that day may be 77 degrees, 6 less
than average, data from the forecaster show.
Power generation accounts for 32 percent of U.S. gas demand, according to the EIA, the Energy Department’s statistical arm.
Source: Bloomberg
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