Investing.com - Natural gas prices on Wednesday erased Tuesday's
gains after weather reports eased up on their forecasts for warmer
temperatures setting in over the central and eastern swathes of the
country, with some indicating cool snaps.
On the New York Mercantile Exchange, natural gas futures for
delivery in June traded at USD4.169 per million British thermal
units, down 0.56%.
The commodity hit a session low of USD4.157 and a high of USD4.228.
Weather forecasting models predicted cooler-than-normal
temperatures for portions of the central U.S., which sent natural
gas prices falling on sentiment the nation's thermal power plants
will demand less gas than anticipated.
Natural gas prices tend to rise when hotter weather prompts
households and businesses up their air conditioners.
Gas prices shot up 7% over the last three sessions on weather
reports of hotter temperatures, though forecasts for even
below-normal temperatures for parts of the central U.S. sparked
profit taking on Wednesday.
Investors also kept a cautious eye towards Thursday's weekly
The U.S. Energy Information Administration said last week that
natural gas storage in the U.S. rose by 99 billion cubic feet,
above expectations for an increase of 95 billion cubic feet.
Total U.S. natural gas storage stood at 1.865 trillion cubic feet
as of last week, 5% below the five-year average for this time of
Early injection estimates for this week's storage data range from
87 billion cubic feet to 100 billion cubic feet, compared to a 75
billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 90 billion cubic
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in July were down 1.45% and trading at USD94.79 a barrel, while
heating oil futures for June delivery were down 1.73% at USD2.8871
offers an extensive set of professional tools for the Forex,
Commodities, Futures and the Stock Market including real-time data
streaming, a comprehensive economic calendar, as well as financial
news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @