We have updated our privacy policy and terms & conditions. Find out more here.
3
 

Natural Gas drops on forecasts for seasonably warm temperatures

By Investing.comCommoditiesApr 26, 2013 05:27PM GMT Add a Comment
 
AA
+
-
Investing.com - Natural gas futures fell in U.S. trading on Friday after meteorological forecasts predicted warm weather patterns to extend across much of the country and cut into the need to heat homes and businesses.

Natural Gas drops on forecasts for seasonably warm temperatures
On the New York Mercantile Exchange, natural gas futures for delivery in June traded at USD4.146 per million British thermal units, down 1.30%.

Weather forecasting services predicted the heavily populated eastern half of the U.S. to experience seasonably warm temperatures next week.

Prices have risen in recent weeks due to below-normal temperatures in March and early April.
Gas use typically hits seasonal lows with spring's mild temperatures before hotter weather increases demand for gas-fired electricity generation to power air conditioning.

Investors quickly looked past Thursday's rather bullish supply data and sold the commodity to await reports of changing weather patterns.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending April 19 rose by 30 billion cubic feet, below expectations for an increase of 32 billion cubic feet.

Inventories rose by 43 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 50 billion cubic feet.

Total U.S. natural gas storage stood at 1.734 trillion cubic feet as of last week. Stocks were 807 billion cubic feet less than last year at this time and 94 billion cubic feet below the five-year average of 1.828 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 100 billion cubic feet below a five-year average, following net injections of 21 billion cubic feet.

Stocks in the Producing Region were 53 billion cubic feet below a five-year average of 767 billion cubic feet after a net injection of 11 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in June were down 0.69% and trading at USD92.99 a barrel, while heating oil futures for May delivery were down 0.32% at USD2.8923 per gallon.









Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Total
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg