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Nat gas futures sink 3% after bearish storage data

  • Front-month natural gas prices (NYSEARCA:UNG) tumbled 3% today to a three-week low $2.428/MMBtu after data showed U.S. inventories surged by a higher than forecast 102B cf last week.
  • Natural gas demand typically increases when more people use their air conditioners in the summer and heaters in the winter, but some of that demand may have been tempered by milder weather in the Northeast, said Kent Bayazitoglu, director of market analytics at Gelber & Associates.
  • Top gas producers all closed sharply lower: RRC -7.6%, AR -5.2%, GPOR -4.9%, EQT -2.4%, COG -2.3%, SWN -1.9%, CHK -1.4%.
  • Separately, the global natural gas glut and the accompanying decline in liquefied natural gas prices is a top subject as energy ministers and company executives met today at an LNG conference in Tokyo.
  • Some participants warned that a lack of investment in projects needed to maintain supply will cause problems with natural gas prices 3-4 years in the future.
  • ETFs: UNG, UGAZ, DGAZ, BOIL, GASL, FCG, KOLD, UNL, GASX, GAZB, GAZ

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