Natural gas futures fell in New York, heading for the longest losing streak in one month, on speculation that rising demand will exceed production. Natural gas futures slipped as much as 1 percent after the data of Baker Hughes Inc., released in May has six rigs drilling for fuel rose for the second week. Gas platforms increased by eight to 890, Baker Hughes said.
“If prices crept higher this year, you’ve seen a rig counts come back up,” said Carl Neill, an energy consultant at Risk Management Inc. in Atlanta. “Coming into 2011, the expectation was that we would begin a decline in drilling islands.”
Natural gas for June delivery fell 3.7 cents, or 0.9 percent, to $ 4,198 per million British thermal units at 11:26 am on the New York Mercantile Exchange. The futures have fallen 4.7 percent this year.
source:businessweek
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