Drop in Natural Gas Sends Oil Down

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Natural gas futures declined sharply on Thursday after U.S. government data showed higher-than-anticipated levels of the winter fuel in underground storage facilities, the Associated Press reports.


Receding fears about possible Gulf of Mexico supply disruptions during this year’s Atlantic hurricane season also pushed natural gas futures toward a 2-year low, and oil prices fell in sympathy.


ABN Amro broker Gerry Saccente said natural gas prices could drop even further, assuming there are no major hurricanes to threaten output in the Gulf of Mexico.


Read the full Associated Press story

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