We have updated our privacy policy and terms & conditions. Find out more here.
2
 

Natural Gas falls on forecasts for above normal temperatures

By Investing.com  |  Commodities  |  Apr 02, 2013 06:32PM GMT  |   Add a Comment
 
AA
+
-
Investing.com - Natural gas futures fell in afternoon trading on Tuesday after weather forecasts indicated an arrival of above-normal temperatures for a good portion of the country in the coming days.

Natural Gas falls on forecasts for above normal temperatures
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.961 per million British thermal units, down 1.36%.

The commodity hit a session low of USD3.945 and a high of USD4.043.

Updated weather forecasting models released earlier called for temperatures in the heavily populated central and northeastern regions of the country to warm up to normal levels in the next six-to-10-days, with some forecasts pointing to above-normal temperatures in parts of the country.

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.

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 up 0.15% and trading at USD97.22 a barrel, while heating oil futures for May delivery were up 0.63% at USD3.0880 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.

Related Articles

Gold falls as stocks rise on U.S. data, earnings
By 
Investing.com
 - Jul 23, 2014
Crude gains on upbeat U.S. inventory report
By 
Investing.com
 - Jul 23, 2014

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