Thursday, July 17, 2008

Natural Gas Plunges

From MarketBeat:

Carolyn Cui has this report on the sharp decline in natural gas.

Natural gas dropped sharply Thursday, losing 7.6% on the New York Mercantile Exchange to hit a 13-week low. The sell-off widens its losses to more than 20% from the early-July highs.

While today’s plunge was ignited by a bearish inventory report from the EIA, the market seems to have overlooked some signs pre-warning the downturn.

It was natural gas — not crude oil — that was the best-performing commodity for the first half. With an astounding gain of 74.5%, it was enough to make oil look dull, which was up 49.9%, according to Standard & Poor’s....MORE