We have updated our privacy policy and terms & conditions. Find out more here.
5
 

Natural Gas extends losses on forecasts for above normal temperatures

By Investing.comCommoditiesApr 03, 2013 05:38PM GMT Add a Comment
 
AA
+
-
Investing.com - Natural gas futures edged lower in afternoon trading on Wednesday, extending Tuesday's losses after weather forecasting models predicted warmer temperatures settling in for a good portion of the country in the coming days.

Natural Gas extends losses on forecasts for above normal temperatures
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.933 per million British thermal units, down 0.92%.

The commodity hit a session low of USD3.926 and a high of USD3.985.

Weather forecasts issued earlier pointed to milder temperatures arriving in the key Northeast and Midwest markets over the next six to 10 days.

Warmer temperatures in the U.S. spring season push natural gas prices down, as the need for heating diminishes.

As late spring and early summer approach, however, rising temperatures hike demand for natural gas as more and more homes and businesses crank up their air-conditioning units to keep cool.

The National Oceanic and Atmospheric Administration said in its one-month temperature forecast released on Sunday that above-normal temperatures will settle in over large swaths of the U.S. this month.

Natural gas traders looked ahead to a closely-watched U.S. government report on natural gas supplies due out Thursday in an attempt to gauge the strength of late-winter heating demand.
 
Early withdrawal estimates range from 45 billion cubic feet to 97 billion cubic feet. Inventories increased by 43 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 4 billion cubic feet.

Total U.S. natural gas storage stood at 1.781 trillion cubic feet as of last week, 18.5% only 3.5% above the five-year average.

U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were down 2.29% and trading at USD94.96 a barrel, mainly due to increasing inventories in the U.S., while heating oil futures for May delivery were down 2.10% at USD3.0227 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