Nat Gas, Oil Fall Before Storm Report: Market Bits
NEW YORK (TheStreet) -- May natural gas futures were falling 0.6% to $4.263 per million British thermal units, down for the third straight day, as traders braced for Wednesday's hurricane report.
Tuesday's decline also precedes the U.S. Energy Information Administration's weekly inventory report on Thursday.
"Warming weather is contributing to a truce for now, but tomorrow's hurricane report from Dr. [William] Gray at CSU (Colorado State University) and the EIA's expected large withdrawal should disturb the peace," a Gelber & Associates report said.
Storms and hurricanes can be burdensome on oil and natural gas operations, many of which are concentrated in the Gulf of Mexico and Gulf Coast regions.Gelber & Associates is neutral on natural gas Tuesday. Natural gas stocks were mostly trading in negative territory. Shares of Westport Innovations (WPRT) were flat at $25.87, Clean Energy Fuels (CLNE) was down 0.9% to $17.25, Fuel Systems Solutions (FSYS) was falling 1.7% to $29.34 and Devon Energy (DVN) was losing 0.9% to $91.17. Light sweet crude oil for May delivery was also down ahead of the report, falling 0.5% to $107.93 a barrel. Newfield Exploration (NFX) was rising 1.5% to $76.34 and Cheniere Energy (CQP) was falling 0.5% to $19.06. Kinder Morgan Energy Partners LP (KMP) was 0.4% lower to $74.07.
(Published at 11:10 am) Treasuries were falling after the Institute for Supply Management reported that its U.S. non-manufacturing index fell to 57.3 in March -- still comfortably above a reading of 50. The index hit 59.7 in February. A reading above 50 reflects growth in the sector.
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