NEW YORK (TheStreet) - U.S. weekly gas in underground storage rose by 107 billion cubic feet (bcf) in the week ending July 11, to a peak of 2,129 bcf not seen since the last week of January, the Energy Information Administrationsaid on Thursday.
The higher-than-expected storage addition pushed natural gas price under $4 per million British thermal units (BTUs) for the first time in 2014.
Source: EIA Earlier this year, the natural gas storage fell to its lowest level in years, boosting its price. Since then, however, the storage injections set at a higher pace than normal -- this slowly brought down the Henry Hub price from its high level. If the buildup in reserves continues at this high pace, the prices of natural gas will keep falling, dragging along with other natural-gas-related assets. At the time of publication the author had no position in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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