U.S. Natural Gas Numbers: 11 BCF Drop

Natural gas inventories are out. CNBC’s Sharon Epperson reported from the New York Mercantile Exchange. There was a drop of 11 billion cubic feet, which was in line with expectations. With total storage at over 3 trillion cubic feet, this draw barely puts a dent in supply.

Analysts are expecting a bearish market for the rest of the year.

Art Gelber--president at Gelber & Associates--talked about the numbers with Liz Claman on “Morning Call.” He says gas could range from $4 to $9 – all depending on the weather. Prices are “historically extremely high.” But in contrast to the past few years – Gelber says prices are low.