The Wall Street Journal reported that natural gas prices ended at the highest level in more than a month after increasing 6.4 percent on the expectation that the United States’ gas surplus will decrease in the next few weeks.
As quoted in the market news:
Natural gas for October delivery settled up 18 cents, at $2.992 a million British thermal units on the New York Mercantile Exchange, the highest settlement since Aug. 1. The gain adds to a 13-cent rise Monday.
Prices rallied as traders and analysts said they expect that production cuts in the Gulf of Mexico due to Hurricane Isaac will result in a second week of lower-than-normal gas injections when data are released Thursday. U.S. inventories are 11% above five-year average levels after rising to 60% above average in March.