Natural Gas Caps Third Weekly Drop as Hot Weather Moderates

Natural Gas Aug 06, 2011 No Comments

Natural gasGas declined 4.9 percent this week as the National Weather Service said the weather will be cooler than normal from Aug. 10 to Aug. 14. Temperatures were above 100 degrees last month in cities such as New York and Chicago. Gas yesterday closed below $4 for the first time since March after a bigger-than-forecast stockpile increase.

Natural gas is a weather play and we’ve lost the bullish weather,” said James Williams, an economist at WTRG Economics, an energy research firm in London, Arkansas. “I think gas will trade below the $4 level unless the weather gets really hot again.

Natural gas for September delivery settled at $3.941 per million British thermal units on the New York Mercantile Exchange, unchanged from yesterday. Prices are down 11 percent this year.

via Natural Gas Caps Third Weekly Drop as Hot Weather Moderates – Businessweek.

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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

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