Investing.com - Natural gas prices edged lower on Friday after investors locked in gains stemming from chilly U.S. weather forecasts and sold the commodity for profits.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.377 per million British thermal units during U.S. trading, down 0.74%.
The commodity hit a session low of USD4.341 and a high of USD4.443.
The January contract settled up 1.66% at USD4.709 per million British thermal units on Thursday.
Futures were likely to find support at USD4.175 per million British thermal units, Wednesday's low, and resistance at USD4.444, the high from May 1.
Wintry weather will give way to a warming trend next week though a fresh blast of below-normal temperatures will move from west to east during the Dec. 20-27 time period, according to natgasweather.com.
Colder temperatures hike the need for heating this time of year, thus increasing demand for natural gas at the nation's thermal power generators.
Profit taking sent prices falling on Friday, a day after the release of a bearish U.S. inventory report.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Dec. 6 fell by 81 billion cubic feet, below expectations for a withdrawal of 88 billion cubic feet.
Inventories fell by 8 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 76 billion cubic feet.
Total U.S. natural gas storage stood at 3.533 trillion cubic feet. Stocks were 273 billion cubic feet less than last year at this time and 109 billion cubic feet below the five-year average of 3.642 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 155 billion cubic feet below the five-year average, following net withdrawals of 46 billion cubic feet.
Stocks in the Producing Region were 41 billion cubic feet above the five-year average of 1.173 billion cubic feet after a net withdrawal of 9 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January were down 0.63% and trading at USD96.89 a barrel, while heating oil for January delivery were down 0.13% and trading at USD2.9762 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.377 per million British thermal units during U.S. trading, down 0.74%.
The commodity hit a session low of USD4.341 and a high of USD4.443.
The January contract settled up 1.66% at USD4.709 per million British thermal units on Thursday.
Futures were likely to find support at USD4.175 per million British thermal units, Wednesday's low, and resistance at USD4.444, the high from May 1.
Wintry weather will give way to a warming trend next week though a fresh blast of below-normal temperatures will move from west to east during the Dec. 20-27 time period, according to natgasweather.com.
Colder temperatures hike the need for heating this time of year, thus increasing demand for natural gas at the nation's thermal power generators.
Profit taking sent prices falling on Friday, a day after the release of a bearish U.S. inventory report.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Dec. 6 fell by 81 billion cubic feet, below expectations for a withdrawal of 88 billion cubic feet.
Inventories fell by 8 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 76 billion cubic feet.
Total U.S. natural gas storage stood at 3.533 trillion cubic feet. Stocks were 273 billion cubic feet less than last year at this time and 109 billion cubic feet below the five-year average of 3.642 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 155 billion cubic feet below the five-year average, following net withdrawals of 46 billion cubic feet.
Stocks in the Producing Region were 41 billion cubic feet above the five-year average of 1.173 billion cubic feet after a net withdrawal of 9 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January were down 0.63% and trading at USD96.89 a barrel, while heating oil for January delivery were down 0.13% and trading at USD2.9762 per gallon.