Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-U.S. natural gas slides amid warmer weather

Tuesday, November 1, 2016 0:24
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-U.S. natural gas slides amid warmer weather



MTECHTIPS- U.S. natural gas futures slumped on Monday, as warmer-than-normal weather in key gas-consuming regions in the U.S. dampened demand expectations for the heating fuel. Natural gas for December delivery on the New York Mercantile Exchange shed 3.4 cents, or 1.1%, to $3.071 per million British thermal units by 10:45 AM ET (14:45 GMT). Updated weather forecasting models showed that high pressure weather systems will dominate over the central and southern U.S. this week, resulting in much warmer than normal conditions. Overall, demand for natural gas will be much lighter than normal with the lack of subfreezing temperatures across the eastern U.S. and the Great Lakes-region. Meanwhile, market participants awaited weekly supply data due on Thursday, which is expected to show a build in a range between 49 and 59 billion cubic feet in the week ended October 28. That compares with a gain of 73 billion cubic feet in the preceding week, 56 billion a year earlier and a five-year average build of 63 billion cubic feet. Total natural gas in storage currently stands at 3.909 trillion cubic feet, according to the U.S. Energy Information Administration, 1.3% higher than levels at this time a year ago and 4.7% above the five-year average for this time of year. Natural gas futures have been under heavy selling pressure in recent days as warmer-than-average weather in key gas-consuming regions in the U.S. ignited speculation that a mild winter will curtail demand for the heating fuel and leave a glut of it in storage, weighing on prices next year.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.