OCT 4 SATURDAY
Natural Gas Falls a 2nd Day on Adequate Supplies Before Winter .
Natural gas in New York fell for a second day on speculation
supplies will be adequate to meet cold- weather demand
later this year.
Inventories gained 87 billion cubic feet in the week ended
Sept. 26 to 3.11 trillion cubic feet, the Energy Department
said yesterday. Supplies are 1.6 percent above the five-year
average for this time of year. Analysts had forecast a 73 billion
-cubic- foot advance.
Natural gas for November delivery fell 12.3 cents, or 1.6 percent,
to settle at $7.358 per million British thermal units at 2:59 p.m
on the New York Mercantile Exchange. Gas dropped 1.5 percent
this week, the fourth decline in five weeks.
The U.S. House of Representatives today approved a $700
billion government rescue plan for the financial industry to help
ease a credit crunch that threatens the world economy.
The Senate approved the measure two days ago.
A slowing economy would trim industrial demand for gas
supplies. Industrial and commercial demand accounted for
9.64 trillion cubic feet, or 42 percent, of gas consumption in
the U.S. last year, according to the Energy Department.
Hurricanes Ike and Gustav left millions of people without
electricity last month, reducing demand for gas as a fuel
at power plants.
Gas production companies in the Gulf of Mexico have restored
more than half of the offshore region's daily output of 7.4 billion
cubic feet, according to the U.S. Minerals Management Service.
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