Natural gas futures rallied after a government report showed a remarkable August decrease in storage. Analysts interpreted it as a bullish sign of supply/demand tightening after a hot summer and lower production levels. By early afternoon, however, profit-taking dropped the front month into a narrow range of gains and losses.
Here’s the latest:
- September Nymex gas trading down 2.5 cents to $2.194/MMBtu as of 2:20 p.m. ET
- U.S. Energy Information Administration (EIA) reports a withdrawal of 6 Bcf for Aug. 9 period
