Natural gas nudges $8/MMbtu

06/11/2007
The front-month natural gas contract was knocking at the $8/MMbtu level in intraday trading May 30-31 in New York, with investors expecting warmer temperatures across most of the US.The July natural gas contract traded as high as $8/MMbtu on May 31 on the New York Mercantile Exchange before closing at $7.94/MMbtu, down just 0.06¢ for the day. By the close of trading June 1, it had dropped to $7.88/MMbtu. “Another triple digit storage injection offset forecasts for hotter weather,” explained analysts at Enerfax Daily.The Energy Information Administration reported the injection of 107 bcf of natural gas into US underground storage in the week ended May 25, up from 104 bcf t...
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