Natural gas front month hits 6-month low

14 August 2008 20:30  [Source: ICIS news]

HOUSTON (ICIS news)--The front-month future price for natural gas settled at a 6-month low on the New York Mercantile Exchange (NYMEX) on Thursday.

By the final bell, the September contract closed at $8.136/m Btu, the lowest settlement since 8 February.

Despite the recent price slide since mid-July, the US Department of Energy (DOE) still says prices are at record highs.

“However, despite the declines since last Wednesday, prices at the Henry Hub remain at historically high levels for this time of year,” the US Energy Information Administration said in its weekly natural gas report.

In related news, the EIA said that natural gas in storage was 2,567 bcf as of 8 August, which is about 0.2% below the 5-year average.

($1 = €0.67)

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