Investing.com - Natural gas futures fell on Tuesday after
updated weather-forecasting models called for a below-normal
temperatures over portions of the eastern U.S., which could prompt
households to throttle back on their air conditioning.
On the New York Mercantile Exchange, natural gas futures for
delivery in August traded at $4.139 per million British thermal
units during U.S. trading, down 2.05%. The commodity hit a session
high of $4.233 and a low of $4.131.
The August contract settled down 4.11% on Monday to end at
$4.225 per million British thermal units.
Natural gas futures were likely to find support at $4.130 per
million British thermal units, the session low, and resistance at
$4.608, the high from June 26.
Updated weather-forecasting models called for cooler-than-normal
temperatures across most parts of the heavily-populated Midwest and
Northeast regions over the next five days, dampening demand for
gas-fired electricity to power air conditioning.
Meanwhile, concerns over tight supplies continued to wane after
weekly supply data released last week showed that utilities in the
U.S. added 100 billion cubic feet of gas into storage in the week
ended June 20, in line with expectations.
The five-year average change for the week is an increase of 68
billion cubic feet.
Total U.S. natural gas storage stood at 1.929 trillion cubic
feet as of last week, 25.7% below their level this time last year
and 29.1% below the five-year average.
Natural gas stockpiles have grown by 100 or more billion cubic
feet for eight consecutive weeks, a record streak since 1994.
This week's government report due Thursday was expected to show
that natural gas storage in the U.S. rose by 92 billion cubic feet
in the week ended July 4. The five-year average increase for the
period is 72 billion.
Elsewhere on the NYMEX, light sweet crude oil futures for
delivery in August were down 0.13% at $103.40 a barrel, while
heating oil for August delivery were down 1.10% at $2.8826 per
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