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Natural gas falls to 2-year low (More "bad" news right before the election)
AP on Yahoo ^ | 9/14/06 | Brad Foss - ap

Posted on 09/14/2006 12:59:51 PM PDT by NormsRevenge

WASHINGTON - Natural gas futures fell to a two-year low on Thursday after U.S. government data showed record levels of fuel at underground storage facilities.

Homeowners that depend on natural gas for heat should see lower bills this winter, industry officials said.

"It looks much better than last year for natural gas consumers," said Mark Stultz, a spokesman for the Natural Gas Supply Association.

Traders' receding fears about possible supply disruptions during this year's Atlantic hurricane season also helped pushed natural gas futures lower, and oil prices fell in sympathy.

October natural gas futures fell 56 cents to $4.89 per 1,000 cubic feet on the New York Mercantile Exchange. The last time front-month natural gas futures settled below $5 was Sept. 16, 2004.

ABN Amro broker Gerry Saccente said natural gas prices could drop as low as $4.50.

But Saccente cautioned that prices were likely to level off at the start of autumn, when traders typically begin to fret over wintertime demand. "The psychology will change," he said.

Energy Department data showed U.S. inventories of natural gas climbing last week to 3.08 trillion cubic feet. That is 12.4 percent above the five-year average for this time of year — and higher than it has ever been in mid-September, according to Stultz.

Stultz said his association is anticipating a record 3.5 trillion cubic feet of natural gas in storage by Nov. 1, the unofficial start of the home-heating season.

Some analysts have suggested the U.S. may actually run out of storage capacity, forcing producers to cap wells. "People are watching the situation closely," Stultz said.

Natural gas supplies were already ample heading into the summer because a warm winter last year sapped home-heating demand and because most of the Gulf of Mexico output that was lost during last year's hurricanes had been restored.

And with the exception of a heat wave or two, summertime demand for gas-fired electricity did not make a significant dent in that surplus. "The hot weather fell apart a month ago," Saccente said.

Nymex oil futures, which have declined more than 18 percent since a mid-summer peak of $78.40, fell 22 cents to $63.75 a barrel.

Falling oil prices are not uncommon at this time of year, when gasoline consumption traditionally tapers off and heating oil demand has yet to ramp up. The drop has been magnified by a perception among oil traders that threats to supplies — ranging from Atlantic hurricanes to Middle East politics — have eased.


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: 2year; energy; falls; low; naturalgas
Let me be the first to say

Bush's fault!!!

1 posted on 09/14/2006 12:59:55 PM PDT by NormsRevenge
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To: NormsRevenge
And gasoline at the pump will be about $2.25 on election day.

SWEET!!!!!

2 posted on 09/14/2006 1:01:28 PM PDT by FormerACLUmember
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To: NormsRevenge

An oil rig in China's Bohai Sea in a file photo. Oil extended losses for the seventh consecutive session on Tuesday, retreating to under $64 a barrel after Iran sounded a softer note on its atomic program and OPEC agreed to keep production steady for now. (China Newsphoto/Reuters)


3 posted on 09/14/2006 1:01:40 PM PDT by NormsRevenge (Semper Fi ......Help the "Pendleton 8' and families -- http://www.freerepublic.com/~normsrevenge/)
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To: NormsRevenge

I heard Karl Rove has the natural gas and gasoline valves installed right next to his weather machine, down in the basement of the White House.


4 posted on 09/14/2006 1:02:29 PM PDT by ladtx ("It is fatal to enter any war without the will to win it." -- -- General Douglas MacArthur)
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To: NormsRevenge

"Rove, you magnificent bastard!"


5 posted on 09/14/2006 1:03:39 PM PDT by reagan_fanatic (In loving memory of those lost on 9/11)
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To: ladtx

That must be some control room. ;-)


6 posted on 09/14/2006 1:04:56 PM PDT by NormsRevenge (Semper Fi ......Help the "Pendleton 8' and families -- http://www.freerepublic.com/~normsrevenge/)
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To: NormsRevenge

http://www.pollkatz.homestead.com/files/gasindex_files/NEWBUSHINDEX_28670_image001.gif


7 posted on 09/14/2006 1:05:46 PM PDT by msnimje (What part of-- "DEATH TO AMERICA" --do the Democrats not understand?)
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To: FormerACLUmember

I just spent three grand installing a brand new 65,000 btu Vermont Castings wood burner in my old fireplace too thumb my nose at the gas co. and it's now the lowest in 2 years GRRRRR.

At least I didn't spend 10 grand on a home wind turbine.


8 posted on 09/14/2006 1:05:47 PM PDT by traderrob6
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To: NormsRevenge

Darth Cheney's Natural Resource Manipulation Machine strikes again! Way to go! (cue heavy breath sounds... dum dum dum dum de dum dum de dum...)


9 posted on 09/14/2006 1:06:53 PM PDT by pabianice
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To: FormerACLUmember
And gasoline at the pump will be about $2.25 on election day.

SWEET!!!!!


10 posted on 09/14/2006 1:07:08 PM PDT by NormsRevenge (Semper Fi ......Help the "Pendleton 8' and families -- http://www.freerepublic.com/~normsrevenge/)
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To: NormsRevenge
Boy Bush and Rove are brillent! Bringing down gas and oil prices right before the election! I wonder how they stopped all the hurricanes this year?
11 posted on 09/14/2006 1:07:59 PM PDT by 11th Commandment
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To: 11th Commandment

I wonder how they stopped all the hurricanes this year?

THat is a FREeMason secret, perhaps. :-}


12 posted on 09/14/2006 1:09:13 PM PDT by NormsRevenge (Semper Fi ......Help the "Pendleton 8' and families -- http://www.freerepublic.com/~normsrevenge/)
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To: NormsRevenge

Does this mean that when winter is here heating homes will be cheaper than last year? Or at least cheaper than gasoline in the Pacific Northwest where consumers are still paying over $3 per gallon?


13 posted on 09/14/2006 1:15:03 PM PDT by lilylangtree
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To: NormsRevenge

Indeed today's modern drill rigs and production platforms are fully state-of-the-art in terms of computerization, etc - looking much like the flight deck of a fictional starship in the movies


14 posted on 09/14/2006 1:18:16 PM PDT by VRWCTexan (History has a long memory - but still repeats itself)
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To: traderrob6

"I just spent three grand installing a brand new 65,000 btu Vermont Castings wood burner in my old fireplace too thumb my nose at the gas co. and it's now the lowest in 2 years GRRRRR."

Vermont Castings make beautiful, energy efficient stoves. You did not waste one penny. It was a smart investment.


15 posted on 09/14/2006 1:18:51 PM PDT by FormerACLUmember
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To: NormsRevenge
Cheap natural gas, cheap heating oil, and cheap gasoline on Election Day!

Exclusive photo of Nazi Pelosi and the rest of your favorite democrats reaction to this news!


16 posted on 09/14/2006 1:25:53 PM PDT by FormerACLUmember
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To: NormsRevenge
Cheap natural gas, cheap heating oil, and cheap gasoline on Election Day!

Exclusive photo of Nazi Pelosi and the rest of your favorite democrats reaction to this news!


17 posted on 09/14/2006 1:25:54 PM PDT by FormerACLUmember
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To: NormsRevenge

Rove's hurricane generator is offline, doing a software upgrade to include tornados, earthquakes, floods and volcanoes.


18 posted on 09/14/2006 1:44:52 PM PDT by biff
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To: NormsRevenge

19 posted on 09/14/2006 1:56:18 PM PDT by GalaxieFiveHundred
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To: NormsRevenge

Called Schumer's office and asked if he was in mourning for the drop in energy costs.


20 posted on 09/14/2006 1:57:29 PM PDT by OldFriend (I Pledge Allegiance to the Flag.....and My Heart to the Soldier Who Protects It.)
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To: NormsRevenge

"Homeowners that depend on natural gas for heat should see lower bills this winter"

Thank goodness for this good news. Maybe I will make it to spring after all.


21 posted on 09/14/2006 2:13:43 PM PDT by jocon307 (The Silent Majority - silent no longer)
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To: NormsRevenge
Get Rove, and his little dog too!


22 posted on 09/14/2006 2:25:06 PM PDT by GalaxieFiveHundred
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To: NormsRevenge

I remember when"W"was taken to"the woodshed"by The DemonRats(for not making a deal with his Saudi buddies before the 2004 election.Then,(when prices declined),he was taken BACK to"the woodshed".If you are SH*T(out of luck),well......................


23 posted on 09/14/2006 2:34:48 PM PDT by bandleader
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To: GalaxieFiveHundred

Haha excellent...did you make that or did you steal it from someone else??? I had seen that earlier but was afraid to post it and steal someone's thunder...


24 posted on 09/14/2006 3:07:14 PM PDT by letsgonova19087
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To: NormsRevenge

NG might be too low to allow building the Alaska NG Pipeline now.


25 posted on 09/14/2006 3:09:32 PM PDT by RightWhale (Repeal the law of the excluded middle)
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To: NormsRevenge

I demand an investigation!


26 posted on 09/14/2006 3:14:55 PM PDT by letsgonova19087
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To: letsgonova19087
Haha excellent...did you make that or did you steal it from someone else??? I had seen that earlier but was afraid to post it and steal someone's thunder...

I, uh, umm, continued the momentum of someone else's thunder...

27 posted on 09/14/2006 3:20:37 PM PDT by GalaxieFiveHundred
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To: traderrob6

Got a link? I am always interested in alternative heat sources.


28 posted on 09/14/2006 3:22:07 PM PDT by patton (Sanctimony frequently reaps its own reward.)
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To: TruthNtegrity

Read laer.


29 posted on 09/14/2006 10:12:57 PM PDT by TruthNtegrity (What happened to "Able Danger" and any testimony by Col Schaffer?)
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