Investing.com – Natural gas futures were down on Tuesday, retreating from a two-day high as fears over a potential disruption to supplies in the U.S. Gulf of Mexico subsided, while weather forecasts in the U.S. continued to show moderating heat.
On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD4.163 per million British thermal units during U.S. morning trade, shedding 0.68%.
It earlier fell as much as 0.85% to trade at a daily low of USD4.155 per million British thermal units.
The U.S. National Hurricane Center said earlier that Tropical Storm Emily, which has a high chance of becoming a hurricane within the next 48 hours, was moving westward in the Caribbean Sea, away from production platforms in the Gulf of Mexico.
Meanwhile, the U.S. National Oceanic and Atmospheric Administration said that Hurricane Eugene was headed west-northwest over open water in the Gulf of Mexico, tracking away from the Gulf’s producing region.
U.S. natural gas producers, such as Exxon-Mobil and Anadarko Petroleum said they were returning workers to offshore rigs in the Gulf that had been evacuated and were beginning to restart oil and natural gas production.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 10% of U.S. natural gas production.
Moderating weather forecasts also weighed on prices. The Commodity Weather Group said earlier that while it forecast above-normal temperatures in parts of the Central U.S. states in its six-to-15 day forecast, less intense heat was expected in the U.S. Midwest and East during the period.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in September shed 0.83% to trade at USD94.44 a barrel, while heating oil for September delivery rose 0.4% to trade at USD3.111 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, natural gas futures for September delivery traded at USD4.163 per million British thermal units during U.S. morning trade, shedding 0.68%.
It earlier fell as much as 0.85% to trade at a daily low of USD4.155 per million British thermal units.
The U.S. National Hurricane Center said earlier that Tropical Storm Emily, which has a high chance of becoming a hurricane within the next 48 hours, was moving westward in the Caribbean Sea, away from production platforms in the Gulf of Mexico.
Meanwhile, the U.S. National Oceanic and Atmospheric Administration said that Hurricane Eugene was headed west-northwest over open water in the Gulf of Mexico, tracking away from the Gulf’s producing region.
U.S. natural gas producers, such as Exxon-Mobil and Anadarko Petroleum said they were returning workers to offshore rigs in the Gulf that had been evacuated and were beginning to restart oil and natural gas production.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 10% of U.S. natural gas production.
Moderating weather forecasts also weighed on prices. The Commodity Weather Group said earlier that while it forecast above-normal temperatures in parts of the Central U.S. states in its six-to-15 day forecast, less intense heat was expected in the U.S. Midwest and East during the period.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Elsewhere on the Nymex, light sweet crude oil futures for delivery in September shed 0.83% to trade at USD94.44 a barrel, while heating oil for September delivery rose 0.4% to trade at USD3.111 per gallon during U.S. morning trade.