Natural Gas Bounces Back from Six-Week Lows

Energy , Natural Gas May 21, 2011 No Comments

Natural Gas flareNatural gas for June delivery settled up 13.6 cents, or 3.3%, at $4.23 a million British thermal units on the New York Mercantile Exchange.
Natural gas futures erased Thursday’s sharp losses, rising more than 3% as buyers re-entered a market at prices that had fallen to their lowest level in almost six weeks.

The benchmark contract shed 10.4 cents Thursday after the Energy Information Administration reported the largest injection of gas into U.S. storage so far this year, narrowing the deficit between current and typical storage levels for the first time in two months.

Friday’s buying was bolstered by forecasts for warmer-than-normal weather in the eastern U.S. during the next two weeks—potentially lifting demand for gas-fired electricity to power air conditioners—and a declining number of drilling rigs aiming for natural gas.

via Natural Gas Bounces Back from Six-Week Lows – WSJ.com.

Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

Leave a Reply

Your email address will not be published. Required fields are marked *