$3 Natural Gas Price Breakout Fizzles on Storage Report

Natural gas futures reversed sharply lower on Thursday after briefly breaking above $3/MMBtu in October, with the release of a largely as-expected government storage report failing to sustain the early advance. The futures price drop was significant, falling 13.5 cents from its high.

However, physical prices moved in the opposite direction, with Southeast and Mid-Atlantic cash soaring above $7.50 at several locations.