Investing.com - Natural gas prices fell on Tuesday after official data revealed mild autumn weather in the U.S. cut into demand in recent weeks.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.603 per million British thermal units during U.S. trading, down 1.79%.
The commodity hit a session low of USD3.595 and a high of USD3.669.
The November contract settled down 2.55% at USD3.668 per million British thermal units on Monday.
Futures were likely to find support at USD3.482 per million British thermal units, the low from Oct. 4, and resistance at USD3.869, Wednesday's high.
Nymex gas futures were likely to find support at USD3.521 per million British thermal units, the low from October 7 and resistance at USD3.817, the high from October 21.
The U.S. Energy Information Administration said in its weekly report earlier that natural gas storage in the U.S. in the week ended Oct. 11 rose by 77 billion cubic feet, just below bearish forecasts for an increase of 80 billion cubic feet.
Inventories increased by 54 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 75 billion cubic feet.
Total U.S. natural gas storage stood at 3.654 trillion cubic feet as of October 11.
Stocks were 115 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.597 trillion cubic feet for this time of year.
The EIA’s data-release schedule will return to normal later in the week, with the publication of Oct. 18 storage data due out on Thursday.
The recent government shutdown disrupted publication of data this month.
Mild weather in the U.S. during autumn tends to prompt businesses and homes to throttle back on air conditioning or heating, which cuts into demand for natural gas at the country's thermal power plants.
Below-normal temperatures are settling in across much of the central and eastern U.S. though the cold front has already been priced into trading.
Updated weather forecasting models called for normal to above-normal temperatures to return in late October and stick around into November.
The U.S. heating season runs from November through March, and is considered the peak demand period for gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.79% and trading at USD98.89 a barrel, while heating oil for November delivery were down 0.20% and trading at USD3.0045 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.603 per million British thermal units during U.S. trading, down 1.79%.
The commodity hit a session low of USD3.595 and a high of USD3.669.
The November contract settled down 2.55% at USD3.668 per million British thermal units on Monday.
Futures were likely to find support at USD3.482 per million British thermal units, the low from Oct. 4, and resistance at USD3.869, Wednesday's high.
Nymex gas futures were likely to find support at USD3.521 per million British thermal units, the low from October 7 and resistance at USD3.817, the high from October 21.
The U.S. Energy Information Administration said in its weekly report earlier that natural gas storage in the U.S. in the week ended Oct. 11 rose by 77 billion cubic feet, just below bearish forecasts for an increase of 80 billion cubic feet.
Inventories increased by 54 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 75 billion cubic feet.
Total U.S. natural gas storage stood at 3.654 trillion cubic feet as of October 11.
Stocks were 115 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.597 trillion cubic feet for this time of year.
The EIA’s data-release schedule will return to normal later in the week, with the publication of Oct. 18 storage data due out on Thursday.
The recent government shutdown disrupted publication of data this month.
Mild weather in the U.S. during autumn tends to prompt businesses and homes to throttle back on air conditioning or heating, which cuts into demand for natural gas at the country's thermal power plants.
Below-normal temperatures are settling in across much of the central and eastern U.S. though the cold front has already been priced into trading.
Updated weather forecasting models called for normal to above-normal temperatures to return in late October and stick around into November.
The U.S. heating season runs from November through March, and is considered the peak demand period for gas consumption.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.79% and trading at USD98.89 a barrel, while heating oil for November delivery were down 0.20% and trading at USD3.0045 per gallon.