Natural gas declined as speculators sold positions after a price gain of 78 percent this year...
Natural gas declined as speculators sold positions after a price gain of 78 percent this year, which outpaced the rise in crude oil.
Gas has led all other commodities as the U.S. dollar fell against the euro and the stock market slipped, prompting investors to seek higher returns. Crude has risen 48 percent this year.
Natural gas for August delivery fell 16.1 cents, or 1.2 percent, to $13.344 per million British thermal units at 2:14 p.m. on the New York Mercantile Exchange. Earlier gas rose touched $13.694 per million Btu, the highest price since Dec. 22, 2005. It has traded as low as $13.205.
Gas in storage gained 88 billion cubic feet in the week ended June 27, according to the median of 15 analyst estimates compiled by Bloomberg. The average change for this time of year over the past five is 86 billion cubic feet, according to the department.
Higher prices have encouraged additional drilling and output this year. U.S. production rose 9 percent in the first four months of the year from a year earlier, the Energy Department said in its Natural Gas Monthly report June 30.
