Natural gas futures price hits 2-year low

09/25/2006
Natural gas futures fell below $5/MMbtu Sept. 14 to the lowest level in 2 years on the New York market after the US Energy Information Administration reported a large leap in US gas storage.EIA reported the injection of 108 bcf of gas into US underground storage during the week ended Sept. 8 (OGJ Online, Sept. 14, 2006). That was the first triple-digit increase since June 3, 2005, up substantially from 71 bcf the previous week and 89 bcf during the same period a year ago. Gas injections normally increase during the week of the US Labor Day holiday-this year on Sept. 4-when power plants’ demand for gas is curtailed because of closed offices and factories.That brought total US gas sto...
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