Storage uncertainties undercut gas prices

12/18/2006
The January natural gas contract registered the lowest closing price in 10 weeks on the New York futures market after the Energy Information Administration reported the withdrawal of 11 bcf of gas from underground storage in the week ended Dec. 1.The contract finished at $7.67/MMbtu Dec. 7, down 5.6¢ after trading at $7.58-7.82/MMbtu that session on the New York Mercantile Exchange.The withdrawal was less than expected by Wall Street analysts and left storage in excess of 3.4 tcf. “US natural gas withdrawal rates look modest so far, but the key period for withdrawals is yet to come,” said analysts at Barclays Capital Inc., London.Meanwhile, large withdrawals of gas from s...
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