Investing.com – Natural gas futures plunged to a three-day low on Friday, after a government report showing the U.S. economy added zero jobs in August and milder weather forecasts for the Eastern U.S. states dragged down prices despite concerns over a disruption to supplies in the Gulf of Mexico.
On the New York Mercantile Exchange, natural gas futures for delivery in October settled at USD3.863 per million British thermal units by close of trade on Friday, slumping 1.07% over the week.
Natural gas futures plunged nearly 4.5% on Friday after the U.S. Department of Labor said that non-farm payrolls were unchanged last month, the weakest reading since September 2010. Economists had expected non-farm payrolls to rise by 74,000 in August.
July’s figure was revised down to an increase of 85,000 from a previously reported 117,000. The unemployment rate remained unchanged at 9.1% in August.
Economic reports tend to have a muted effect on natural gas futures, but the dismal employment data raised concerns over declining personal and industrial demand for the fuel.
Prices came under further pressure after the U.S. National Weather Service’s six-to-ten day weather forecast showed that temperatures in the eastern half of the U.S. will be cooling during the upcoming week.
Meanwhile, natural gas traders shrugged off concerns that Tropical Storm Lee would disrupt production in the Gulf of Mexico as the U.S. market was viewed as well-supplied amid the reduced demand outlook.
The U.S. Bureau of Ocean Energy Management said Friday that nearly 2.4% of natural gas production in the Gulf has been shut as companies such as British Petroleum and Exxon evacuated personnel from platforms in the region.
According to the U.S. National Hurricane Center, the storm was forecast to make landfall along the Louisiana Coast on Sunday.
Natural gas prices jumped to a three-week high of USD4.122 per million British thermal units on Thursday after the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 55 billion cubic feet last week, slightly below expectations for an increase of 60 billion cubic feet.
Total U.S. natural gas storage stood at 2.961 trillion cubic feet. Stocks were 137 billion cubic feet less than last year at this time and 60 billion cubic feet below the five-year average of 3.021 trillion cubic feet for this time of year.
Elsewhere on the Nymex, light sweet crude oil futures for October delivery traded at USD86.58 a barrel by close of trade on Friday, gaining 1.38% over the week, while heating oil for October delivery edged 0.19% higher on the week to trade at USD3.004 a gallon by close of trade.
NYMEX floor trading will be closed on Monday for the U.S. Labor Day holiday.
On the New York Mercantile Exchange, natural gas futures for delivery in October settled at USD3.863 per million British thermal units by close of trade on Friday, slumping 1.07% over the week.
Natural gas futures plunged nearly 4.5% on Friday after the U.S. Department of Labor said that non-farm payrolls were unchanged last month, the weakest reading since September 2010. Economists had expected non-farm payrolls to rise by 74,000 in August.
July’s figure was revised down to an increase of 85,000 from a previously reported 117,000. The unemployment rate remained unchanged at 9.1% in August.
Economic reports tend to have a muted effect on natural gas futures, but the dismal employment data raised concerns over declining personal and industrial demand for the fuel.
Prices came under further pressure after the U.S. National Weather Service’s six-to-ten day weather forecast showed that temperatures in the eastern half of the U.S. will be cooling during the upcoming week.
Meanwhile, natural gas traders shrugged off concerns that Tropical Storm Lee would disrupt production in the Gulf of Mexico as the U.S. market was viewed as well-supplied amid the reduced demand outlook.
The U.S. Bureau of Ocean Energy Management said Friday that nearly 2.4% of natural gas production in the Gulf has been shut as companies such as British Petroleum and Exxon evacuated personnel from platforms in the region.
According to the U.S. National Hurricane Center, the storm was forecast to make landfall along the Louisiana Coast on Sunday.
Natural gas prices jumped to a three-week high of USD4.122 per million British thermal units on Thursday after the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 55 billion cubic feet last week, slightly below expectations for an increase of 60 billion cubic feet.
Total U.S. natural gas storage stood at 2.961 trillion cubic feet. Stocks were 137 billion cubic feet less than last year at this time and 60 billion cubic feet below the five-year average of 3.021 trillion cubic feet for this time of year.
Elsewhere on the Nymex, light sweet crude oil futures for October delivery traded at USD86.58 a barrel by close of trade on Friday, gaining 1.38% over the week, while heating oil for October delivery edged 0.19% higher on the week to trade at USD3.004 a gallon by close of trade.
NYMEX floor trading will be closed on Monday for the U.S. Labor Day holiday.