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Natural Gas Climbs to Most Since July 2011 on Record Supply Drop

Natural gas futures climbed in New York to the highest level since July 2011 following a government report that showed a record drop in U.S. inventories.

Gas rose 4.9 percent after the Energy Information Administration said stockpiles fell 285 billion cubic feet to 3.248 trillion in the week ended April 29. It was the largest weekly decline ever, besting the January 2008 record of 274 billion. Gas has surged 33 percent this year, the biggest gainer in the Standard & Poor’s GSCI gauge of 24 commodities.

Natural gas for January delivery jumped 20.9 cents to $4.46 per million British thermal units on the New York Mercantile Exchange, the highest settlement price since July 20, 2011.