Nat Gas Rises for Fifth Day
Source: Bloomberg, Moming Zhou (9/16/10)
"Worries about potential storm see traders covering some shorts."
The National Weather Service's noon update showed that a storm may grow in the southeastern Caribbean and head toward New Orleans by Sept. 30, according to Matt Rogers, a forecaster with Commodity Weather Group LLC in Bethesda, Maryland. Gas fell earlier after a government report showed U.S. inventories rose more than forecast last week.
"There are worries about the potential storm and traders are covering some shorts," said Steven Schork, president of Schork Group Inc., a consulting company in Villanova, Pennsylvania.
Natural gas for October delivery gained $0.10, or 2.7%, to $4.101 per million British thermal units at 1:11 p.m. on the New York Mercantile Exchange. Gas fell as low as $3.852 in earlier trading.
Gas stockpiles jumped 103 billion cubic feet in the week ended Sept. 10 to 3.267 trillion, the Energy Department said. A survey of Bloomberg users showed an expected increase of 95 billion. The inventory gain exceeded the five-year average for the first time since April.