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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: ChanceIs who wrote (106496)	8/4/2008 3:18:56 PM
From: Kayaker	Read Replies (3) of 206328

[[ CHK should not be selling off this hard. ]] Looks reasonable given that Nymex NG has been down 7.5%+ today. bloomberg.com Natural Gas Declines on Outlook Storm Will Not Pare Gulf Output By Mario Parker Aug. 4 (Bloomberg) -- Natural gas in New York fell to the lowest in six months amid speculation a storm in the Gulf of Mexico will not disrupt production. Tropical Storm Edouard hasn't shut any significant offshore output. Producers have idled 7.2 percent of Gulf gas output, the U.S. government said. There is a 20 percent chance the storm may reach hurricane strength, the National Hurricane Center in Miami said at 1 p.m. Hurricanes Katrina and Rita devastated oil and gas output in the Gulf in August and September of 2005, roiling energy markets. ``The news du jour is forecasts saying the storm will be more of a soaker as opposed to winds,'' said Tom Saal, managing director of Commercial Brokerage Corp. in Miami. ``It appears to look like it will be a lot of rain.'' Natural gas for September delivery fell 67.6 cents, or 7.2 percent, to $8.713 per million British thermal units at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Gas earlier fell to $8.616, the lowest since $8.355 per million Btu on Feb. 14. Gas has declined 34 percent since June 30. On the trading date closest to this one in 2007, gas closed at $6.09.... bloomberg.com

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