US Natgas Plunges as Storage Heads for Big Refill

摘要

Whatever bullish props there were supporting a recent attempt by US natural gas to move above $3 per million BTU collapsed last week along with analysts' assumptions of tightening supply-demand fundamentals. July natural gas futures ended the week in the mid-$2.60s, adding to Thursday's 5%, or 14.1￠ plunge to just above $2.70 on the contract's first day as prompt month. The dive was sparked by an unseasonably large storage build that beat expectations by 13 billion cubic feet, indicating more supply and less demand than widely thought.