Investing.com - Natural gas futures turned higher on Monday, bouncing back after reaching a one-month low as traders monitored near-term weather conditions to gauge demand for the fuel.
Front-month U.S. natural gas futures tacked on 2.7 cents, or around 1%, to $2.660 per million British thermal units (btu) by 9:30AM ET (1330GMT). It reached its lowest since Feb. 23 at $2.610 at one point.
The commodity lost 3.6% last week, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.
Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
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 64 and 76 billion cubic feet (bcf) in the week ended March 23.
That compares with a decline of 86 bcf in the preceding week, a fall of 43 bcf a year earlier and a five-year average drop of 46 bcf.
Total natural gas in storage currently stands at 1.446 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.
That figure is 667 bcf, or around 31.5%, lower than levels at this time a year ago, and 329 bcf, or roughly 18.5%, below the five-year average for this time of year.