Investing.com - Natural gas prices fell on Friday after data
revealed U.S. inventory levels fell in line with lackluster market
expectations, while long-range weather forecasts calling for
above-normal temperatures in January pushed down prices as well.
On the New York Mercantile Exchange, natural gas futures for
delivery in February traded at USD4.405 per million British thermal
units during U.S. trading, down 1.60%.
The commodity hit a session low of USD4.373 and a high of USD4.487.
The February contract settled up 0.16% at USD4.476 per million
British thermal units on Thursday.
Futures were likely to find support at USD4.196 per million British
thermal units, the low from Dec. 17, and resistance at USD4.577,
The U.S. Energy Information Administration reported earlier that
natural gas stockpiles fell 177 billion cubic feet to 3.071
trillion in the week ended Dec. 20, in line with expectations
though some investors were hoping for a more upbeat report just
before its release, which sparked a selloff.
Updated weather forecast pressured prices lower as well.
Natgasweather.com reported earlier that a strong cold front will
sweep through the northern Plains Saturday and into the eastern
U.S. on Sunday and Monday, though mid January could usher in
above-normal temperatures, which sent prices dipping.
Uncertainty due to the long-range nature of the forecasts cushioned
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in February were up 0.98% and trading at USD100.53 a barrel, while
heating oil for January delivery were up 1.18% and trading at
USD3.1314 per gallon.
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