Investing.com - Natural gas futures dropped to nearly two-year lows on Tuesday, after diving over 9% in the previous session as milder-than-expected winter weather and rising supplies continued to weigh.
On the New York Mercantile Exchange, natural gas futures for delivery in January were down 1.03% at $3.113 per million British thermal units during U.S. morning trade, the lowest level since January 2013.
Natural gas futures remained under broad selling pressure as unseasonably warm weather throughout December weighed on demand for home heating and allowed relatively low stockpiles to catch up to where they were a year ago.
The home heating fuel had received a boost last week, when weather forecasting models indicated that temperatures in the Midwest, Great Lakes and mid-Atlantic regions of the country would be lower than normal from December 27 to December 31.
Meteorologists have been predicting a colder-than-normal January and February.
Approximately 49% of U.S. households use gas for heating, according to the EIA, the statistical arm of the Energy Department.