JUNE 11 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 526
LONG TERM TREND : BULLISH : TARGET RS 630
Natural Gas Falls as Oil Slips, Cooler Weather to
Curb Demand .
Natural gas in New York declined after crude oil
fell and lower temperatures were forecast to
reduce demand.
Oil fell a second day as the dollar climbed against
the euro and yen, curbing the appeal of commodities
to investors. Near- record-high temperatures in the
Midwest and Northeast, two of the largest gas
-consuming regions, will begin to ease tomorrow,
trimming demand for air conditioning, according
to forecaster AccuWeather.com of State College,
Pennsylvania.
Natural gas for July delivery fell 16.9 cents, or
1.3 percent, to settle at $12.435 per million
British thermal units at 3:01 p.m. on the New
York Mercantile Exchange. Gas earlier rose as
high as $12.743 per million Btu. Futures are 66
percent higher this year. On this day in 2007,
gas settled at $10.024.
With a stronger dollar and crude under pressure,
natural gas could sell off quite a bit here,''
said Michael Rose, trading director at Angus
Jackson Inc. in Fort Lauderdale, Florida.
Production of domestic gas available for
sale is expected to increase by 6 percent
this year, compared with 4.6 percent
forecast in May, the Energy Department said
in its monthly Short- Term Energy Outlook
released today.
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