Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Natural gas extends losses on spring weather, soft U.S. stockpile data

CommoditiesMar 21, 2014 01:08PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Investing.com - Natural gas futures carried Thursday's losses into Friday, as investors bet seasonably mild weather typical of this time of year will curb demand for both heating and air conditioning across much of the U.S.

Bearish supply data pushed prices lower as well.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at $4.332 per million British thermal units during U.S. trading, down 0.85%. The commodity hit session high of $4.376 and a low of $4.287.

The April contract settled down 2.56% on Thursday to end at $4.369 per million British thermal units.

Natural gas futures were likely to find support at $4.205 per million British thermal units, the low from Jan. 19, and resistance at $4.585, Monday's high.

Gas prices continued to fall on Friday after long-range weather forecasts calling for mild springtime temperatures fueled expectations for diminished demand for heating as well as air conditioning.

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.

A bearish weekly U.S. inventory report released Thursday continued to water down prices as well.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 14 fell by 48 billion cubic feet, compared to expectations for a decline of 59 billion cubic feet.

Supplies fell by 74 billion cubic feet in the same week a year earlier while the five-year average change for the week is a drop of 30 billion cubic feet.

Total U.S. natural gas storage stood at 953 billion cubic feet, the lowest for this time of year since 2004.

Stocks were 932 billion cubic feet less than last year at this time and 876 billion cubic feet below the five-year average of 1.829 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 399 billion cubic feet below the five-year average, following net withdrawals of 35 billion cubic feet.

Stocks in the Producing Region were 351 billion cubic feet below the five-year average of 742 billion cubic feet after a net withdrawal of 11 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 1.11% and trading at $100.00 a barrel, while heating oil for April delivery were up 0.68% and trading at $2.9413 per gallon.

Natural gas extends losses on spring weather, soft U.S. stockpile data
 

Related Articles

Add a Comment

Comment Guidelines

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.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • 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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

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.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email