Investing.com - Natural gas futures carried Friday's losses into Monday after updated weather-forecasting models continued to call for mild U.S. temperatures that should curb demand for both heating and air conditioning.
On the New York Mercantile Exchange, natural gas futures for delivery in November were down 2.62% at $3.668 per million British thermal units during U.S. trading. The commodity hit a session low of $3.664, and a high of $3.744.
The November contract settled down 0.79% on Friday to end at $3.766 per million British thermal units.
Natural gas futures were likely to find support at $3.545 per million British thermal units, the low from Nov. 19, 2013, and resistance at $3.955, last Tuesday's high.
Mild temperatures sent natural gas prices falling on Monday, as blasts of cooler temperatures due to shoot across the country this week may remain confined to the northern reaches of the country.
"We have known for quite a while weather patterns were going to be a little chilly over the Great Lakes and Northeast early this week as a weather system and associated cool blast swept through with showers, while driving modest demand for heating as overnight lows drop into the 30s and 40s, locally below freezing," Natgasweather.com reported in its midday update for Monday.
"However, the rest of the U.S. remains quite comfortable with highs mainly in the mid 60s to lower 80s with limited need for either heating or cooling."
Last Thursday's supply report pressured prices lower as well.
The Energy Information Administration reported that working natural gas storage in the U.S. rose by 94 billion cubic feet in the week ending Oct. 10, outpacing market calls for a build of 91 billion cubic feet, which sent prices edging lower.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.22% at $81.88 a barrel, while heating oil for November delivery were down 0.54% at $2.4840 per gallon.