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Natural gas prices dip with arrival of fall in northern hemisphere

CommoditiesSep 20, 2013 12:53PM ET
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Investing.com - Natural gas prices fell on Friday as investors bet the arrival of fall in the northern hemisphere will bring cooler temperatures and curb demand for the commodity at the nation's thermal power plants.

On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.688 per million British thermal units during U.S. trading, down 0.87%.

The October contract settled up 0.19% at USD3.720 per million British thermal units on Thursday.

The commodity hit a session low of USD3.658 and a high of USD3.715.

Fall will arrive on Sunday, and expectations for permanent cooler weather patterns sent prices dipping on Friday.

Demand for natural gas tends to wane at the country's thermal power plants as temperatures fall, as homes and businesses throttle back on their air conditioners.

Colder temperatures typical of winter hike demand for the commodity as demand for heating rises.

Updated weather forecasts pointed to seasonable temperatures across the eastern U.S. next week, though portions of the central U.S. could see above-normal mercury readings, which curbed losses.

Waning possibilities of a tropical storm developing in the Gulf of Mexico pushed prices down as well.

The National Hurricane Center said earlier a weather system in the southwestern Gulf of Mexico stood a 30% chance of developing into a tropical cyclone in the next five days, down from original calls for an 80% chance.

Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.

The Gulf of Mexico is home to 10% of U.S. natural gas production.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 0.53% and trading at USD105.30 a barrel, while heating oil for October delivery were down 0.05% and trading at USD3.0025 per gallon.







Natural gas prices dip with arrival of fall in northern hemisphere
 

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