Investing.com - A warm snap over the eastern U.S. sent natural gas prices falling on Friday though updated weather-forecasting models predicted a return of below-normal temperatures by the end of December allowed for choppy trading.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.441 per million British thermal units during U.S. trading, down 0.44%.
The commodity hit a session low of USD4.415 and a high of USD4.491.
The January contract settled up 4.92% at USD4.460 per million British thermal units on Thursday.
Futures were likely to find support at USD4.196 per million British thermal units, Tuesday's low, and resistance at USD4.983, the high from June 9, 2011.
A warming trend currently taking place over the eastern U.S. will run through Dec. 25, which sent prices falling though updated weather forecasts called for a return of below-normal temperatures across the eastern U.S. for late December and early January, which sent the prices jumping in and out of positive territory.
Warmer weather forecasts for the western U.S. in the coming weeks pushed prices lower as well.
Milder temperatures diminish the need for heating this time of year, thus decreasing demand for natural gas at the nation's thermal power generators.
Bullish supply data released on Thursday chopped up trading as well.
The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended December 13 fell by 285 billion cubic feet, well beyond expectations for a withdrawal of 258 billion cubic feet.
Inventories fell by 70 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 133 billion cubic feet.
Total U.S. natural gas storage stood at 3.248 trillion cubic feet. Stocks were 488 billion cubic feet less than last year at this time and 261 billion cubic feet below the five-year average of 3.509 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 207 billion cubic feet below the five-year average, following net withdrawals of 132 billion cubic feet.
Stocks in the Producing Region were 23 billion cubic feet below the five-year average of 1.138 billion cubic feet after a net withdrawal of 99 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were up 0.26% and trading at USD99.30 a barrel, while heating oil for January delivery were up 1.37% and trading at USD3.0721 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD4.441 per million British thermal units during U.S. trading, down 0.44%.
The commodity hit a session low of USD4.415 and a high of USD4.491.
The January contract settled up 4.92% at USD4.460 per million British thermal units on Thursday.
Futures were likely to find support at USD4.196 per million British thermal units, Tuesday's low, and resistance at USD4.983, the high from June 9, 2011.
A warming trend currently taking place over the eastern U.S. will run through Dec. 25, which sent prices falling though updated weather forecasts called for a return of below-normal temperatures across the eastern U.S. for late December and early January, which sent the prices jumping in and out of positive territory.
Warmer weather forecasts for the western U.S. in the coming weeks pushed prices lower as well.
Milder temperatures diminish the need for heating this time of year, thus decreasing demand for natural gas at the nation's thermal power generators.
Bullish supply data released on Thursday chopped up trading as well.
The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended December 13 fell by 285 billion cubic feet, well beyond expectations for a withdrawal of 258 billion cubic feet.
Inventories fell by 70 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 133 billion cubic feet.
Total U.S. natural gas storage stood at 3.248 trillion cubic feet. Stocks were 488 billion cubic feet less than last year at this time and 261 billion cubic feet below the five-year average of 3.509 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 207 billion cubic feet below the five-year average, following net withdrawals of 132 billion cubic feet.
Stocks in the Producing Region were 23 billion cubic feet below the five-year average of 1.138 billion cubic feet after a net withdrawal of 99 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were up 0.26% and trading at USD99.30 a barrel, while heating oil for January delivery were up 1.37% and trading at USD3.0721 per gallon.