NYMEX December gas futures down 4.7 cents in midday Friday trading

Chemical News: NYMEX December gas futures down 4.7 cents in midday Friday trading

https://www.chemnet.com Nov 14,2011 Platts
The NYMEX December natural gas futures contract was down 5.4 cents to $3.595/MMBtu at 12:43 p.m. EST (1743 GMT) on continued strong supply and weak demand.

"The natural gas market is extending its recent losses after Thursday's larger-than-expected 37-Bcf net injection to US natural gas storage reinforced the idea that production growth continues to outpace demand," said Tim Evans, analyst with Citi Futures Perspective.

Analysts point to the fact that storage injections may last through November, boosting an already strong storage level and shortening the withdrawal season.

"Prices are already at five-year lows for this point in the season, but that seems to be little support for the market at the moment," Evans said.

The December contract has traded Friday between $3.572/MMBtu and $3.659/MMBtu.

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