By Naureen S. Malik
Bloomberg News
Natural gas futures dropped to the lowest price in more than two years after a government report showed a smaller-than-forecast decline in U.S. inventories and a growing surplus of the heating fuel.
Gas fell after the Energy Department said stockpiles slipped just 81 billion cubic feet in the week ended Dec. 23 to 3.548 trillion cubic feet.
"It continues to be a bearish trend for storage," said Brad Florer, a trader at Kottke Associates Llc. "We have got a ton of gas and no weather in the immediate future to threaten what we have."
Natural gas for February delivery fell 5 cents to close at $3.03 per million British thermal units on the New York Mercantile Exchange, the lowest settlement price since Sept. 11, 2009. Futures prices have tumbled 31 percent this year.
Read: http://www.star-telegram.com/2011/12/29/3623991/glut-of-natural-gas-pushes-price.html