Investing.com - Natural gas futures traded near a six-month low
on Tuesday, as cooler than expected summer weather was expected to
limit demand for the fuel.
On the New York Mercantile Exchange, natural gas for delivery in
August hit a session low of $4.113 per million British thermal
units, before coming off the lows to last trade at $4.133 during
U.S. morning hours, down 0.35%, or 1.5 cents.
Natural gas futures fell to $4.092 on Monday, the weakest level
since January 10, before settling at $4.147, up 0.02%, or 0.1
Futures were likely to find support at $4.092 per million
British thermal units, the low from July 14 and resistance at
$4.193, the high from July 10.
Updated weather-forecasting models called for cooler
temperatures across most parts of the heavily-populated Midwest and
Northeast regions over the next five days.
Demand for natural gas tends to fluctuate in the summer based on
hot weather and air conditioning use.
Meanwhile, concerns over tight supplies continued to fade away
after weekly supply data released last week showed that utilities
in the U.S. added 93 billion cubic feet of gas into storage in the
week ended July 4.
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 as of last week, 24.4% below their level this time last year
and 27.5% below the five-year average.
Elsewhere on the Nymex, crude oil for delivery in August tumbled
1.4%, or $1.42, to trade at $99.50 a barrel, while heating oil for
August delivery dropped 1.09% to trade at $2.841 per gallon.
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