Business

Natural Gas Drops

Natural gas prices were lower early on Friday following yet another big rise in U.S. inventories as moderate summer temperatures keeps power demand weak.

Gas for September delivery was last seen down US$0.03 to US$2.10 per million British thermal units in Nymex electronic trade.

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Prices for the fuel have remained near three-year lows as higher production from shale fields outstrips demand, with no draws on storage yet reported this summer, pushing inventory stored for winter use higher.

The Energy Information Administration on Thursday said U.S. stocks rose by 55 billion cubic feet to 2.69 trillion cubic feet, 14.6% above the year-prior level but 4% under the five-year average.

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