Natural gas futures trim gains after hitting 4-week high
Investing.com
Published Aug 26, 2013 10:38AM ET
On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.528 per million British thermal units during U.S. morning trade, up 0.2%. The October contract settled down 1.5% at USD3.521 per million British thermal units on Friday.
October natural gas prices rose by as much as 1.7% earlier in the session to hit a daily high of USD3.583 per million British thermal units, the strongest level since July 26.
Natural gas prices rose 3.1% last week, the second consecutive weekly advance.
Updated weather forecasting models pointed to warmer-than-normal temperatures across most parts of the U.S. Northeast and Midwest for late August, boosting near-term demand expectations.
Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
Meanwhile, U.S. supply levels also remained in focus. Total U.S. natural gas storage stood at 3.063 trillion cubic feet as of last week, 1.5% above the five-year average but still 7.2% below last year's level.
Early injection estimates for this week’s storage data range from 53 billion cubic feet to 69 billion cubic feet, compared to a 64 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 66 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October shed 0.3% to trade at USD106.10 a barrel, while heating oil for October delivery dipped 0.05% to trade at USD3.097 per gallon.
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Written By: Investing.com
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