Natural Gas Prices Drop After EIA Report
12/31/2009 5:35 PM ET
(RTTNews) - Natural gas prices moved lower on Thursday after the Energy Information Administration reported a smaller-than expected drop in inventories.
February natural gas moved to $5.576 per million British thermal units, down 13.3 cents for the day. Prices hit as low as $5.505.
The Energy Information Administration reported a drop in natural gas inventories of 124 billion cubic feet for the week ended December 25. A decline of 147 bcf was anticipated. Working gas in storage was 3.276 trillion cubic feet.
In the East Region, stocks were down 90 bcf; stocks in the Producing Region were down 23 bcf and stocks in the West Region were down 11 bcf.
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