Natural gas futures edge higher in early trade; USD4-level in focus
Investing.com
Published Jun 04, 2013 10:46AM ET
On the New York Mercantile Exchange, natural gas futures for delivery in July traded at USD4.018 per million British thermal units during U.S. morning trade, up 0.65% on the day.
It earlier rose by as much as 1% to hit a session high of USD4.032 per million British thermal units.
Weather forecasting models continued to point to above-normal temperatures across most of the U.S. over the next five days, before giving way to below-normal temperatures later in June.
Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.
U.S. supply levels also remained in focus. The U.S. Energy Information Administration said last week that natural gas storage in the U.S. rose by 88 billion cubic feet.
Inventories rose by 72 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 92 billion cubic feet.
Total U.S. natural gas storage stood at 2.141 trillion cubic feet as of last week, 4% below the five-year average for this time of year.
Early injection estimates for this week’s storage data range from 78 billion cubic feet to 95 billion cubic feet, compared to a 63 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 92 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in July fell 0.9% to trade at USD92.64 a barrel, while heating oil for July delivery shed 0.2% to trade at USD2.827 per gallon.
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Written By: Investing.com
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