(Bloomberg) -- Natural gas in New York was little
changed, erasing an earlier gain, as crude oil declined following
a report that showed U.S. oil and gasoline inventories rose.
``When crude goes down, resid goes down, and if resid goes
down that lowers the floor under natural gas,'' said Tim Evans,
an energy analyst with Citigroup Global Markets Inc. in New York.
``They were equating at about the $7.50 level, but as crude backs
off that's going to erode from that level,'' he said. ``There is
a fuel-switching issue here at about this valuation.''
Read more at Bloomberg Energy News
changed, erasing an earlier gain, as crude oil declined following
a report that showed U.S. oil and gasoline inventories rose.
``When crude goes down, resid goes down, and if resid goes
down that lowers the floor under natural gas,'' said Tim Evans,
an energy analyst with Citigroup Global Markets Inc. in New York.
``They were equating at about the $7.50 level, but as crude backs
off that's going to erode from that level,'' he said. ``There is
a fuel-switching issue here at about this valuation.''
Read more at Bloomberg Energy News
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