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MTECHTIPS;-U.S. natural gas futures little changed after worst day in 6 months

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MTECHTIPS;-U.S. natural gas futures little changed after worst day in 6 months

 

MTECHTIPS-U.S. natural gas futures were little changed on Tuesday, one day after suffering its biggest daily loss since January as updated weather forecasting models pointed to weak demand in the weeks ahead. U.S. natural gas for July delivery was at $2.889 per million British thermal units by 9:25 AM ET (1325 GMT), down half a cent. It fell to its lowest since March 17 at $2.877 in the prior session. Natural gas prices lost 14.3 cents, or around 4.7%, on Monday, their worst one-day drop since January. A cool front will sweep across the eastern U.S. the next few days with heavy showers and powerful thunderstorms, thereby dropping highs into the upper 60 s and 70 s with little demand for heating or cooling. Longer-term models showed considerably cooler temperatures for late next weekend into the following week as weather systems over southern Canada advance more aggressively into the northern and eastern U.S. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating. Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S. Energy Information Administration, 10.6% lower than levels at this time a year ago but 8.4% above the five-year average for this time of year.

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