Natural Gas Falls on Storm Outlook
NEW YORK (TheStreet) -- Natural gas futures were trading in the red after the release of a bearish inventory report and the forecast of a milder hurricane season this year.
Natural gas for June delivery was behind by 1.4% to $4.138 per million British thermal units. Earlier prices hit a one-month low of $4.091.
|
"This is very much a sideways market heading into hurricane season," Gelber & Associates said in a report. "
The National Oceanic and Atmospheric Administration announced their broad expectation ranges today... in line with the privates' outlooks."
The National Oceanic and Atmospheric Administration's hurricane report forecasted 12 to 18 named storms during the 2011 Atlantic hurricane season and six to 10 storms that could become hurricanes -- this would be above-average storm activity, but still milder than 2010's unusually active season.
The six-month storm season begins on Jun. 1.**
The markets were focusing on the report in order to gain better insight into how weather could impact natural gas demand and production.**
Earlier today, the U.S. Energy Information Administration reported that natural gas inventories increased by 92 billion cubic feet (Bcf) in the week ended May 13 to 1,919 Bcf -- more than what the markets were expecting.
The consensus view of analysts surveyed by Platts was an increase of natural gas stocks by 87 Bcf to 91 Bcf.
Natural gas stocks were trading mixed. **
Kinder Morgan Energy Partners
(KMP)
was rising 0.9% to $72.98,
BP
(BP) - Get BP p.l.c. Sponsored ADR Report
was adding 1.6% to $43.95,
Devon Energy
(DVN) - Get Devon Energy Corporation Report
was falling 0.7% at $82.47,
Newfield Exploration
(NFX)
was up 0.1% at $73.11,
Cheniere Energy Partners
(CQP) - Get Cheniere Energy Partners, L.P. Report
was down 0.1% at $17.16,
Cheniere Energy
(LNG) - Get Cheniere Energy, Inc. Report
TheStreet Recommends
was losing 1.3% to $7.66 and
EOG Resources
(EOG) - Get EOG Resources, Inc. (EOG) Report
was down 0.8% at $105.74.**
>>Search for Highest Dividends by Rate or Yield
More on Earnings Today's Top Earnings |
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here:
Andrea Tse
.
>To follow the writer on Twitter, go to
.
>To submit a news tip, send an email to:
.
>>Search for Highest Dividends by Rate or Yield
More on Earnings Today's Top Earnings |
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here:
Andrea Tse
.
>To follow the writer on Twitter, go to
.
>To submit a news tip, send an email to:
.
Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
