Investing.com – Natural gas futures were down for the first time in three days on Wednesday, amid expectations for reduced demand after forecasts showed mild weather in the Northeastern U.S. states in early July.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.354 pr million British thermal units during U.S. morning trade, tumbling 1.3%.
It earlier fell to a daily low of USD4.346 per million British thermal units.
The Commodity Weather Group said that it expected seasonally average weather in the Northeast U.S. states from June 29 through July 3, saying temperatures will stay “benign” throughout the period.
Meanwhile, weather service provider AccuWeather said that New York was expected to have a seasonally normal high of 79 degrees Fahrenheit (26 Celsius) on June 27. The city had a high of 95 degrees on June 9.
Global financial service provider Barclays said in a report published late Tuesday, “The market lost recent support as temperatures have moved lower from last week's record highs to more normal levels.”
Markets were looking forward to the U.S. Energy Information Administration’s weekly report on U.S. natural gas stockpiles for the week ended June 17 on Thursday.
The report was expected to show that U.S. natural gas inventories increased by 91 billion cubic feet, after adding 69 billion cubic feet in the preceding week.
Elsewhere, light sweet crude oil futures for delivery in August jumped 1.2% to trade at USD94.89 a barrel, while heating oil for July delivery rallied 1.77% to trade at USD2.919 per gallon during U.S. morning trade.
Earlier in the day, the U.S. Energy Information Administration said that U.S. crude oil inventories fell more-than-expected in the week ended June 17, declining by 1.7 million barrels, above expectations for a decline of 1.6 million.
On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.354 pr million British thermal units during U.S. morning trade, tumbling 1.3%.
It earlier fell to a daily low of USD4.346 per million British thermal units.
The Commodity Weather Group said that it expected seasonally average weather in the Northeast U.S. states from June 29 through July 3, saying temperatures will stay “benign” throughout the period.
Meanwhile, weather service provider AccuWeather said that New York was expected to have a seasonally normal high of 79 degrees Fahrenheit (26 Celsius) on June 27. The city had a high of 95 degrees on June 9.
Global financial service provider Barclays said in a report published late Tuesday, “The market lost recent support as temperatures have moved lower from last week's record highs to more normal levels.”
Markets were looking forward to the U.S. Energy Information Administration’s weekly report on U.S. natural gas stockpiles for the week ended June 17 on Thursday.
The report was expected to show that U.S. natural gas inventories increased by 91 billion cubic feet, after adding 69 billion cubic feet in the preceding week.
Elsewhere, light sweet crude oil futures for delivery in August jumped 1.2% to trade at USD94.89 a barrel, while heating oil for July delivery rallied 1.77% to trade at USD2.919 per gallon during U.S. morning trade.
Earlier in the day, the U.S. Energy Information Administration said that U.S. crude oil inventories fell more-than-expected in the week ended June 17, declining by 1.7 million barrels, above expectations for a decline of 1.6 million.