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Gas market seeks sign

07/27/2009
By Sam Fletcher
Four consecutive weeks of smaller-than-expected injections of natural gas into US storage triggered a 12% price jump for the front-month contract on the New York Mercantile Exchange in mid-July in what some hoped might be the first sign that well shut-ins and reduced drilling may be decreasing supply.The August contract bumped up to $3.67/MMbtu on July 16 after the Energy Information Administration reported the injection of 90 bcf of gas into US storage in the week ended July 10. Still, the price of the front-month gas contract was down 35% since the start of this year and 65% below year-ago levels. There was 2.886 tcf of working gas in storage as of July 10, up 589 bcf from a year ago an...
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