Commodities
Nat-Gas Prices Plummet on Surprisingly Large Inventory Build
Natural gas prices fell sharply on Thursday due to an unexpectedly large increase in US inventories.
The weekly Energy Information Administration (EIA) report showed a +36 bcf rise in natural gas inventories, exceeding market expectations of +31 bcf and the 5-year weekly average of +33 bcf.
This bearish factor weighed on prices despite warm forecasts that will boost demand from utilities to meet increased air-conditioning needs across the South and Southeast through August 22, according to Commodity Weather Group.
Vaisala is forecasting above-normal temperatures for the West for August 22-26.