Investing.com - Natural gas futures edged lower on Monday after
updated weather-forecasting models predicted below-normal
temperatures to sweep in from Canada into the Midwest this week and
On the New York Mercantile Exchange, natural gas futures for
delivery in August traded at $4.130 per million British thermal
units during U.S. trading, down 0.40%. The commodity hit a session
high of $4.172 and a low of $4.096.
The August contract settled down 0.63% on Friday to end at
$4.146 per million British thermal units.
Natural gas futures were likely to find support at $4.096 per
million British thermal units, the session low, and resistance at
$4.356, the high from July 7.
A weather system similar to the Polar Vortex from last winter
will bring below-normal temperatures to the U.S. Midwest and head
east this week, which sent
dipping on Monday.
Below-normal temperatures this time of year cut into demand for
air conditioning, which curbs demand for natural gas.
Supply data from last week pressured prices as well, though
bottom fishing prevented prices from plummeting and stabilized the
The U.S. Energy Information Administration said in its weekly
report last Thursday that natural gas storage in the U.S. in the
week ending July 4 rose by 93 billion cubic feet, above
expectations for an increase of 92 billion cubic feet.
The five-year average change for the week is an increase of 72
billion cubic feet.
Total U.S. natural gas storage stood at 2.022 trillion cubic
feet. Stocks were 653 billion cubic feet less than last year at
this time and 769 billion cubic feet below the five-year average of
2.791 trillion cubic feet for this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for
delivery in August were down 0.22% at $100.61 a barrel, while
heating oil for August delivery were up 0.14% at $2.8650 per
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