Natural gas futures' prices fell Wednesday amid speculation that inventories would expand beyond what is required to meet winter heating needs.
A late-summer wave of moderate weather in much of the United States and a long-range forecast for a warm October means air-cooling demand and heating needs will be low, increasing storage, said Chris Jarvis, president of Caprock Risk Management in Hampton Falls, New Hampshire.
"We're looking at a very bullish injection season with a delay in the heating season and no hurricanes," he said.
Gas for October 2007 delivery declined 31.8 cents to $6.91 per million British thermal units on the New York Mercantile Exchange. Still, $6.91 per million BTU is a pretty good price considering the up and down summer of 2007 that we have enjoyed.
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