Investing.com – Natural gas futures edged lower in subdued trade on Monday, as milder weather forecasts in the U.S. and easing concerns over a disruption to supplies in the Gulf of Mexico dragged down prices.
On the New York Mercantile Exchange, natural gas futures for October delivery traded at USD3.857 per million British thermal units during U.S. morning trade, shedding 0.39%.
It earlier fell as much as 0.64% to trade at a daily low of USD3.853 per million British thermal units, just above the previous session’s three-day low of USD3.848.
Trade was expected to be slim as the NYMEX floor trading was to remain closed for the U.S. Labor Day holiday. Electronic trades were to be booked with Tuesday’s transactions for settlement purposes.
The U.S. National Weather Service said Friday that it expected temperatures in the eastern and southern U.S. states to cool through the second week of September.
In its six-to-ten day weather forecast, the NWS said that tropical storm activity in the Gulf of Mexico was likely to push hot air away from the region, causing temperatures to drop.
Weather service provider AccuWeather said that Chicago was expected to have a high of 69 degrees Fahrenheit (20 Celsius) on September 9, ten degrees cooler than normal.
Natural gas traders monitor weather forecasts to determine whether temperatures may boost heating or cooling demand.
Meanwhile, many natural gas producers which operate in the Gulf escaped major damage from Tropical Storm Lee, which was downgraded to a depression after making landfall along the Louisiana coast on Sunday.
Natural gas prices remained supported after the U.S. National Hurricane Center said that another storm system had intensified over the open Atlantic on Sunday.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in October tumbled 2.47% to trade at USD84.31 a barrel, while heating oil for October delivery dropped 1.47% to trade at USD2.960 per gallon.
On the New York Mercantile Exchange, natural gas futures for October delivery traded at USD3.857 per million British thermal units during U.S. morning trade, shedding 0.39%.
It earlier fell as much as 0.64% to trade at a daily low of USD3.853 per million British thermal units, just above the previous session’s three-day low of USD3.848.
Trade was expected to be slim as the NYMEX floor trading was to remain closed for the U.S. Labor Day holiday. Electronic trades were to be booked with Tuesday’s transactions for settlement purposes.
The U.S. National Weather Service said Friday that it expected temperatures in the eastern and southern U.S. states to cool through the second week of September.
In its six-to-ten day weather forecast, the NWS said that tropical storm activity in the Gulf of Mexico was likely to push hot air away from the region, causing temperatures to drop.
Weather service provider AccuWeather said that Chicago was expected to have a high of 69 degrees Fahrenheit (20 Celsius) on September 9, ten degrees cooler than normal.
Natural gas traders monitor weather forecasts to determine whether temperatures may boost heating or cooling demand.
Meanwhile, many natural gas producers which operate in the Gulf escaped major damage from Tropical Storm Lee, which was downgraded to a depression after making landfall along the Louisiana coast on Sunday.
Natural gas prices remained supported after the U.S. National Hurricane Center said that another storm system had intensified over the open Atlantic on Sunday.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in October tumbled 2.47% to trade at USD84.31 a barrel, while heating oil for October delivery dropped 1.47% to trade at USD2.960 per gallon.