MTECHTIPS:-Natural gas futures decline with all eyes on weekly storage data
MTECHTIPS:-Natural gas futures decline with all eyes on weekly storage data
U.S. natural gas prices dropped on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. On the New York Mercantile Exchange, natural gas for delivery in July slumped 3.8 cents, or 1.43%, to trade at $2.659 per million British thermal units during U.S. morning hours. Prices traded in a range between $2.658 and $2.724. A day earlier, natural gas futures slumped to $2.599, the weakest level since April 30, before turning higher to close at $2.698, up 4.9 cents, or 1.85% as investors returned to the market to close out bets on lower prices. Futures were likely to find support at $2.599 per million British thermal units, the low from June 2, and resistance at $2.845, the high from May 28. The U.S. Energy Information Administration’s next storage report on Thursday is expected to show a build of approximately 110 billion cubic feet for the week ending May 29. Supplies rose by 118 billion cubic feet in the same week last year, while the five-year average change is an increase of 92 billion cubic feet. Last week, natural gas storage in the U.S. rose by 112 billion cubic feet. Total U.S. natural gas storage stood at 2.101 trillion cubic feet, 0.8% below the five-year average for this time of year. Last spring, supplies were 55% below the five-year average, indicating producers have made up for most of last winter’s unusually strong demand. Meanwhile, weather forecasting models called for mostly normal temperatures across the U.S. through mid-June, suggesting little demand for the fuel and paving the way for additional hefty inventory builds in the weeks ahead.
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