Natural gas prices dropped to a new two-year low on Thursday after federal data showed U.S. storage levels fell less than expected last week. Storage levels shrank by 94 billion cubic feet in the week ended Jan. 23, the U.S. Energy Information Administration said. The drain was 17 bcf less than the 111-bcf average of 20 forecasters surveyed by The Wall Street Journal. The smaller-than-expected drain caused prices to drop sharply. The front-month March contract recently traded down 14.7 cents, or 5.2%, at $2.695 a million British thermal units on the New York Mercantile Exchange. The contract had been trading around unchanged before the data. This is the lowest front-month price since Sept. 10, 2012, when gas fell to $2.682/mmBtu. The drain was 44% lower than the five-year average for that week of that year. That is another reminder of how severely oversupplied the market is, […]