Investing.com - Natural gas prices moved lower on Monday after investors sold the commodity for profits in wake of last week's bullish supply data, while weather forecasts calling for a break in a searing heat wave gripping the eastern U.S. pushed prices lower as well.
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.668 per million British thermal units, down 3.21%.
The commodity hit a session low of USD3.642 and a high of USD3.752.
Natural gas prices soared by over 5% last week after the U.S. Energy Information Administration reported that storage in the week ending July 12 rose by 58 billion cubic feet, below market expectations for an increase of 64 billion cubic feet, though from Friday through Monday, profit takers wiped out the commodity's gains.
Meanwhile, a return of milder temperatures for much of the U.S. suffering from a blistering heat wave pushed prices down as well.
Industry weather group MDA Weather Services predicted below-normal temperatures across most of the eastern half of the nation for the next five days.
The U.S. National Weather Service forecast also pointed to below-normal temperatures covering the heavily populated Northeast and Midwest regions over the next six-to-14 days.
Mild summer temperatures reduce the need for gas-fired electricity to cool homes and businesses.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 0.56% and trading at USD107.27 a barrel, while heating oil futures for August delivery were down 0.40% at USD3.0770 per gallon.
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