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Natural gas prices extend losses as market transitions to spring

CommoditiesMar 12, 2014 01:31PM ET
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Investing.com - Natural gas futures extended Tuesday's losses into Wednesday as markets bet that the arrival of spring next week will bring milder temperatures in the U.S. and curb demand for heating.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at $4.515 per million British thermal units during U.S. trading, down 1.97%. The commodity hit session high of $4.627 and a low of $4.450.

The April contract settled down 0.99% on Tuesday to end at $4.605 per million British thermal units.

Natural gas futures were likely to find support at $4.447 per million British thermal units, the low from Feb. 27, and resistance at $4.732, the Monday's high.

A late-season winter storm pummeling the central and eastern U.S. should give way to normal and even above-normal temperatures in the coming days, according to updated weather-forecasting models, which sent natural gas prices falling.

Spring and fall see the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs the need for heating and 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.

Total U.S. natural gas storage stood at 1.196 trillion cubic feet as of last week, the lowest for this time of year since 2004, following a withdrawal of 152 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were down 2.28% and trading at $97.75 a barrel, while heating oil for April delivery were down 1.43% and trading at $2.9187 per gallon.

Natural gas prices extend losses as market transitions to spring
 

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