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MTECHTIPS;-U.S. natural gas pulls back from 2-week high

Wednesday, March 8, 2017 1:07
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MTECHTIPS;-U.S. natural gas pulls back from 2-week high



MTECHTIPS- U.S. natural gas futures fell on Tuesday, pulling back from the prior session’s two-week high as traders continued to monitor shifting weather forecasts to gauge demand for the fuel. U.S. natural gas for April delivery shed 5.3 cents, or around 1.8% to $2.848 per million British thermal units by 10:10 AM ET (15:10 GMT), after reaching $2.952 on Monday, the most since February 16. Weather forecasts for the next 8-to-15 days showed that rain, snow, and cool temperatures will track across the northern and eastern U.S., boosting demand expectations for the heating fuel. At the same time, the southern half of the U.S. will be warmer than normal as high pressure dominates with highs reaching the 60 s to 80 s Fahrenheit. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 53 and 64 billion cubic feet in the week ended March 3. That compares with a build of 7 billion cubic feet in the preceding week, a decline of 57 billion a year earlier and a five-year average drop of 136 billion cubic feet. Total natural gas in storage currently stands at 2.363 trillion cubic feet, according to the U.S. Energy Information Administration, 7.3% lower than levels at this time a year ago and 12.5% above the five-year average for this time of year



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