Investing.com - U.S. natural gas futures ended Friday's session close to a two-week low, as extended forecasts called for warmer weather across the majority of the U.S. in the second week of March.
On the New York Mercantile Exchange, natural gas for delivery in April fell to $2.684 per million British thermal units, the lowest level since February 13, before ending at $2.711 by close of trade, up 1.4 cents, or 0.52%.
Futures were likely to find support at $2.680 per million British thermal units, the low from February 13, and resistance at $2.888, the high from February 26.
Bearish speculators are betting on the warm weather reducing late-winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
On Thursday, natural gas plummeted 16.5 cents, or 5.77%, after data showed that U.S. natural gas supplies fell less than expected last week, underlining concerns over weak demand.
Natural gas storage in the U.S. declined by 219 billion cubic feet last week, compared to expectations for a decline of 241 billion.
The five-year average change for the week is a decline of 131 billion cubic feet, while supplies fell by 117 billion the same time last year.
Total U.S. natural gas storage stood at 1.938 trillion cubic feet, 1.5% below the five-year average for this time of year.
Last spring, supplies were 55% below the five-year average, indicating producers have more than made up for last winter’s unusually strong demand.
For the week, Nymex natural gas prices tumbled 27.5 cents, or 8.8%, the first weekly loss in three weeks. Futures ended February with a gain of 0.87%, halting four straight monthly declines.
Elsewhere on the Nymex, crude oil for April delivery settled at $49.76 a barrel by close of trade on Friday, down $1.29, or 2.71%, on the week.
Meanwhile, heating oil for April delivery rose 2.88% on the week to settle at $1.965 per gallon by close of trade Friday.