Breaking News

Natural gas futures edge lower with U.S. supply data in focus

CommoditiesSep 11, 2013 09:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Investing.com - Natural gas futures edged lower during U.S. morning trade on Wednesday, as market participants looked ahead to Thursday’s closely-watched U.S. supply data to gauge the strength of demand from U.S. households.

On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.575 per million British thermal units during U.S. morning trade, down 0.3%.

Prices traded in a range between USD3.554, the daily low and a session high of USD3.602 per million British thermal units. The October contract settled 0.5% lower at USD3.584 per million British thermal units on Tuesday.

Market analysts expect this week’s storage data to show an increase of 64 billion cubic feet. The five-year average for the week is a build of 62 billion cubic feet.

Total U.S. natural gas storage stood at 3.188 trillion cubic feet as of last week, 1.4% above the five-year average and 6.2% below last year's unusually high level.

Meanwhile, investors continued to focus on near-term weather forecasts to gauge the strength of demand for the fuel.

Updated weather forecasting models pointed to warmer-than-normal temperatures across most parts of the U.S. Midwest through mid-September, boosting near-term demand expectations.

Market participants also monitored tropical storm activity in the Gulf of Mexico, amid concerns over a disruption to supplies from the region.

The U.S. National Hurricane Center said Tropical Storm Gabrielle was moving north toward Bermuda, while Tropical Storm Humberto was moving northwest.

Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 10% of U.S. natural gas production.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October inched up 0.25% to trade at USD107.65 a barrel, while heating oil for October delivery added 0.5% to trade at USD3.081 per gallon.

Natural gas futures edge lower with U.S. supply data in focus

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.

Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post also to:
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?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
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
Sign up with Email