Investing.com - Natural gas prices edged lower on Thursday after
updated weather-forecasting models eased off on calls for above
normal temperatures to hover across the eastern U.S. in the coming
On the New York Mercantile Exchange, natural gas futures for
delivery in October were down 0.36% at $3.989 per million British
thermal units during U.S. trading. The commodity hit a session low
of $3.974, and a high of $4.079.
The October contract settled up 1.37% on Wednesday to end at
$4.003 per million British thermal units.
Natural gas futures were likely to find support at $3.932 per
million British thermal units, Wednesday's low, and resistance at
$4.172, the high from July 14.
Recent weather forecasts calling for above-normal temperatures
across parts of the eastern U.S. moderated their predictions, which
to edge lower.
A Canadian weather system will trek across the central U.S. and
bring more comfortable temperatures into the south and Midwest over
the next several days.
"This will also bring some cooling into the southern Plains and
southeast as highs drop out of the mid and upper 90s and into the
upper 80s to lower 90s," Natgasweather.com reported in its
Aug.28-Sept. 4 daily weather forecast.
High pressure will return to the central and eastern U.S. around
Sept. 2nd-3rd and bring warmer weather with it, though longer-range
models calls for cool snaps across the northern U.S. between Sept.
5 and 11.
Elsewhere, a low pressure system in the western Gulf of Mexico
stood very little chance of intensifying into a tropical cyclone
before it makes landfall, which added to Thursday's selling.
Tropical weather systems prompt evacuations of gas rigs, which
disrupts supply and can hike prices.
Elsewhere, the U.S. Energy Information Administration reported
that inventories rose 75 billion cubic feet to 2.63 trillion in the
week ending Aug. 22, missing market calls for a build of 78
billion, which gave the commodity some support.
Elsewhere on the NYMEX, light sweet crude oil futures for
delivery in October were up 0.67% at $94.51 a barrel, while heating
oil for October delivery were down 0.33% at $2.8551 per gallon.
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