Natural gas sinks after weekly storage report

Associated Press |

Natural gas prices fell to a four-week low Thursday after the U.S. government reported a sharp buildup in the country's natural gas storage levels.

The price of natural gas fell 15 cents, or 3.4 percent, to $4.40 per thousand cubic feet, the lowest since late May.

The Energy Department said U.S. natural gas inventories rose by 110 billion cubic feet last week, much more than investors expected. In the summer, natural gas is primarily used to fire on-demand power plants when there is a need for additional electricity, particularly on hot summer days. This causes inventory levels to be somewhat volatile.

Other energy commodities also fell. Crude oil fell 66 cents, or 0.6 percent, to $105.84 a barrel. Wholesale gasoline futures fell less than a cent to $3.09 a gallon. Heating oil fell a penny to $3.01 a gallon

In metals trading, gold for August delivery fell $5.60, or 0.4 percent, to $1,317 an ounce and silver edged a fraction of a penny lower to $21.11 an ounce.

Platinum for July delivery fell $3.10, or 0.2 percent, to $1,470.10 an ounce and palladium rose $2.55, or 0.3 percent, to $835.80 an ounce.

Crop prices rose. Wheat rose less than a penny to $5.85 a bushel, corn rose 3 cents, or 0.7 percent, to $4.43 a bushel. Soybeans rose 15 cents, or 1.2 percent, to $12.44 a bushel.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
PPERY Bank Mandiri Persero Tbk PT ADR 8.15 0.05 0.62 34,442

Comments

Emerging Growth

Reliq Health Technologies Inc.

Moseda Technologies Inc provides mobile and IT cloud computing to increase operational efficiency and security. It develops SmartFleet, a solution designed for commercial use, as well as SmartCare, a mHealth…

Private Markets

Trustify

Trustify provides trust and safety in both the digital and physical worlds through our vast network of on-demand Private Investigators.By removing the large retainers and high hourly rates that traditional…

Cross Campus

With over 500 members and operating 80,000 square feet by summer 2016, Cross Campus is one of the country’s top ten shared, collaborative office or "coworking" operators in the US.…