Natural gas futures fell sharply for the third consecutive day on Thursday after the government said inventories rose last week, a reflection of the recent mild weather but still a surprise to the market. Crude and heating oil futures also declined, though gasoline futures were up slightly.
February natural gas futures slid 59.7 cents to $9.60 per 1,000 cubic feet in afternoon trade on the New York Mercantile Exchange, putting the front-month contract 40 percent below its peak of $15.78 on Dec. 13.
Light sweet crude for February delivery dropped by 22 cents to $63.20 per barrel, gasoline futures gained 1.80 cent to $1.8025 a gallon and heating oil futures dipped 1.52 cent to $1.8025 a gallon.
