Natural Gas Futures Down

Natural gas futures fell to their lowest in eleven months on the news of a higher-than-expected increase in U.S. stockpiles. Natural gas for September delivery fell 1.4% to $3.817 per million British thermal units.

According to an Energy Department report released on Thursday, U.S. gas supplies rose 40 billion cubic feet to 3.052 trillion in the week ended August 20. This was higher than what was expected. Bloomberg quoted Guy Gleichmann, president of WaveLength Energy, as saying, “I think this selling is overkill. It's happening against a backdrop of bad price charts and weak economic data.”

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