Thursday, July 8, 2010

Nat gas prices decline after EIA report on stocks

July 8, 2010, 10:36 a.m. EDT

By Claudia Assis

"SAN FRANCISCO (MarketWatch) -- Natural-gas futures declined Thursday after a government report showed a larger-than-expected increase in stockpiles. Natural gas for August delivery retreated 12 cents, or 2.7%, to $4.44 per million British thermal units. The Energy Information Administration reported an increase by 78 billion cubic feet for the week ended July 2. Analysts polled by Platts had expected an increase of 70 to 74 billion cubic feet." More>>>>

If the count for drilling rigs declines, such as in New Mexico, watch for the oil and gas drilling advocates/politicians blame the "Pit Rule," local oil and gas ordinances, and an "unfriendly business environment," instead of a decline in natural gas prices due to a surplus of supply. The ole "supply and demand" concept at work?

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