US Superstorm Destruction Pushes Demand, Natural Gas Futures Lower

摘要

US December natural gas futures plummeted to the mid-$3.50s on Friday as profit taking took hold of the market in light of swelling storage inventories that are likely to be exacerbated by massive power outages in the wake of Super-storm Sandy (p1). On Friday, 3.6 million homes and businesses in 11 Northeast states remained without power. And while thats sharply down from the 8.2 million customers at the storm's peak, it only served to focus attention on the other key fundamental driving prices lower — a glut of natural gas in storage, which cruised to a record high last week.