The next big report will not be the April 26 inventory numbers.
Rather, the cognescenti want to know production/consumption which comes out on April 30.
Stay tuned. $1.91, last
From the AP:
The price of natural gas has dropped to the lowest level in a decade as U.S. supplies continue to grow.
Natural gas futures gave up 4.1 cents to $1.91 per 1,000 cubic feet in New York. The price dipped to $1.906 earlier, matching the 10-year low on Jan. 28, 2002. The futures contract fell below $2 last week.
Prices declined after the Energy Information Administration reported that supplies grew by 25 billion cubic feet last week, putting the nation's supply level at 58 percent above the five-year average. Major natural gas companies such as Chesapeake Energy Corp. and ConocoPhillips have idled some of their production in hopes of slowing the expanding supply.
But supplies are still growing faster than normal this year, and analysts say the country may eventually run out of places to put its natural gas.
"Companies can talk all they want about reducing production, but until we start seeing a difference, prices are going to fall," independent analyst and trader Stephen Schork said....MORE