WSJ: U.S. GAS: Prices Down as Inventory Levels Trump Storm Fears
--Prices shed 2.4% gain triggered by storm shift
--Gulf gas output cut by 8.24% by precautionary shutdowns
--Gas storage 14.7% above year-earlier level
(adds cash-market prices)
NEW YORK--Natural-gas futures were weaker Monday, shedding overnight gains spurred by news of precautionary rig closures due to an approaching storm. Analysts said worries about high inventory levels trumped concerns over a potential storm-related short-term supply loss.
On Friday, with forecasts calling for Tropical Storm Isaac to strengthen into a hurricane and graze the eastern Gulf of Mexico--avoiding the heart of the region's oil and gas output--futures ...
