Investing.com - Natural gas prices fell on Tuesday after updated weather forecasting models toned down their calls for above-normal temperatures settling in for the heavily populated eastern half of the country.
Rising summer temperatures often hike the need for gas-fired electricity to cool homes and businesses, which increases demand for natural gas, though pockets of milder temperatures can send prices falling.
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.644 per million British thermal units, down 2.61%.
The commodity hit a session low of USD3.628 and a high of USD3.747.
Weather forecasting models continued to call for above-normal temperatures for parts of the eastern U.S. though for a smaller area than previously forecast.
The National Weather Service issued a 10-day forecast calling for above-normal temperatures for the northeastern U.S. but added that normal to below-normal readings will be found for the remainder of the country.
Traders also kept an eye on U.S. inventory levels. Total U.S. natural gas storage stood at 2.605 trillion cubic feet as of last week, just 1.1% below the five-year average and 16% below last year's level.
Early injection estimates for this week’s storage data range from 82 billion cubic feet to 102 billion cubic feet, compared to a 34 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 71 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were up 0.14% and trading at USD103.28 a barrel, while heating oil futures for August delivery were up 0.01% at USD2.9805 per gallon.
Rising summer temperatures often hike the need for gas-fired electricity to cool homes and businesses, which increases demand for natural gas, though pockets of milder temperatures can send prices falling.
In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.644 per million British thermal units, down 2.61%.
The commodity hit a session low of USD3.628 and a high of USD3.747.
Weather forecasting models continued to call for above-normal temperatures for parts of the eastern U.S. though for a smaller area than previously forecast.
The National Weather Service issued a 10-day forecast calling for above-normal temperatures for the northeastern U.S. but added that normal to below-normal readings will be found for the remainder of the country.
Traders also kept an eye on U.S. inventory levels. Total U.S. natural gas storage stood at 2.605 trillion cubic feet as of last week, just 1.1% below the five-year average and 16% below last year's level.
Early injection estimates for this week’s storage data range from 82 billion cubic feet to 102 billion cubic feet, compared to a 34 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 71 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were up 0.14% and trading at USD103.28 a barrel, while heating oil futures for August delivery were up 0.01% at USD2.9805 per gallon.