By late morning, benchmark crude for March delivery fell 41 cents to $73.26 a barrel on the New York Mercantile Exchange, after trading above $74 earlier.
The Energy Information Administration said that natural gas supplies dropped by 86 billion cubic feet last week, less than analysts expected.
During the past year, the US has been working off a massive oversupply of natural gas, which is used to heat homes and run power generators. But the EIA report said that the 2.52 trillion cubic feet in storage is still above the five-year average for this time of year.
The natural gas contract for March delivery gave up 7.4 cents to $5.150 per 1,000 cubic feet on the New York Mercantile Exchange.
Oil prices doubled from February to December last year as experts predicted that Americans would start burning more fuel as the economy recovered. That hasn't happened yet, and this week government data continued to show the US economy still needs time to wake up.
Source & Full article BloombergUTV
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