Investing.com - Natural gas prices fell on Tuesday after updated weather-forecasting models called for mild temperatures in the U.S. to offset the bullish pressures seen coming from a cool snap affecting portions of the central and northeastern reaches of the country.
On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.77% at $4.122 per million British thermal units during U.S. trading. The commodity hit a session low of $4.100, and a high of $4.174.
The November contract settled up 3.10% on Monday to end at $4.154 per million British thermal units.
Natural gas futures were likely to find support at $4.011 per million British thermal units, Monday's low, and resistance at $4.174, the session high.
Weather-forecasting models called for cooler temperatures in the Midwest and eastern U.S. later this week and extending into the middle of October, though expectations for milder weather elsewhere sparked a round of profit taking.
Supplies remained in focus as well.
The U.S. Energy Information Administration said in its report last week that natural gas storage in the U.S. rose by 97 billion cubic feet in the week ended Sept. 19, up from 90 billion in the previous week and ahead of expectations of 93 billion cubic feet.
The U.S. government will release its latest stockpile report on Thursday.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 3.48% at $91.28 a barrel, while heating oil for November delivery were down 1.98% at $2.6547 per gallon.