Please try another search
Investing.com - Natural gas prices posted modest gains on Tuesday after updated weather-forecasting models called for below-normal temperatures across portions of the central and eastern U.S. in the coming week.
On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.738 per million British thermal units during U.S. trading, up 0.49%. The commodity hit session high of $4.760 and a low of $4.696.
The June contract settled down 0.82% on Monday to end at $4.715 per million British thermal units.
Natural gas futures were likely to find support at $4.487 per million British thermal units, Thursday's low, and resistance at $4.798, Monday's high.
Portions of the Midwest and eastern regions of the U.S. should see cool temperatures run through the end of April, which should hike demand for heating.
The forecasts also raised ongoing concerns over whether natural gas producers will be able to refill inventories before the next heating season.
U.S. natural gas stockpiles are near 11-year lows after due to a rough winter, and the first two storage increases of the season have been far smaller than expected. Producers typically replenish inventories between April and October, when demand is lower.
The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.
Last week the U.S. Energy Information Administration reported that natural gas stockpiles in the week ended April 11 stood at 850 billion cubic feet. Analysts have estimated that inventories will need to rise to approximately 3.1 trillion cubic feet by November 1.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in June were down 1.94% and trading at $101.64 a barrel, while heating oil for May delivery were down 0.75% at $2.9890 per gallon.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other 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, don’t trash it.
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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.