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MTECHTIPS;-Natural Gas Futures Slide To 6-Week Lows As Downtrend Continues

Wednesday, February 7, 2018 2:48

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MTECHTIPS;-Natural Gas Futures Slide To 6-Week Lows As Downtrend Continues

MTECHTIPS-Natural gas futures extended recent losses to hit their lowest level in around six weeks on Tuesday, after weather forecasts showed that temperatures across key parts of the U.S. won’t be as cold as previously expected. Front-month U.S. natural gas futures slumped 4.5 cents, or around 1.6%, to $2.703 per million British thermal units (btu) by 8:55 AM ET (1355 GMT). It fell to its worst level since Dec. 27 at $2.699 earlier in the session. The commodity sank roughly 10.0 cents, or 3.5%, on Monday, its fifth losing session in a row, amid forecasts for less heating demand in the near term. Updated weather forecasting models showed that temperatures won’t be as cold as previously expected through both the upcoming six- to 10-day and eight- to 14-day periods. Bearish speculators are betting that the mild weather will reduce winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 107 and 122 billion cubic feet (bcf) in the week ended Feb. 2. That compares with a decline of 99 bcf in the preceding week, a fall of 152 bcf a year earlier and a five-year average drop of 151 bcf

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