Investing.com - U.S. natural gas futures hovered near an eight-month low struck in the previous session on Tuesday, as meteorologists continued to predict mild summer weather across much of the U.S.
On the New York Mercantile Exchange, natural gas for delivery in September inched up 0.21%, or 0.8 cents, to trade at $3.773 per million British thermal units during U.S. morning hours. Prices held in a range between $3.748 and $3.793.
Natural gas futures fell to $3.725 on Monday, the weakest level since November 22, before trimming losses to settle at $3.765, down 0.58%, or 2.2 cents.
Futures were likely to find support at $3.682 per million British thermal units, the low from November 22 and resistance at $3.868, the high from July 25.
Natural gas prices have been under heavy selling pressure in recent weeks as unseasonably cool summer temperatures in much of the U.S. limited demand for the fuel.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Meanwhile, the U.S. Energy Information Administration said in its weekly report on July 24 that natural gas storage in the U.S. rose by 90 billion cubic feet last week. The five-year average change for the week is an increase of 46 billion cubic feet.
Total U.S. natural gas storage stood at 2.219 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 23.5%, down from a record 54.7% at the end of March.
Injections of gas into storage have surpassed the five-year average for 14 consecutive weeks.
The EIA's next storage report is slated for release at 10:30 a.m. EDT on Thursday, with analysts expecting a build of 90 billion cubic feet, again well above the five-year average for the week.
Elsewhere on the Nymex, U.S. crude oil for delivery in September slumped 0.92%, or 94 cents, to trade at $100.74 a barrel, while heating oil for September delivery tacked on 0.52% to trade at $2.911 per gallon.