MTECHTIPS;-Natural Gas Futures Start The Week In Negative

Spread the love

MTECHTIPS;-Natural Gas Futures Start The Week In Negative Territory

MTECHTIPS-Natural gas futures started the week in negative territory on Monday, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Front-month U.S. natural gas futures slumped 1.8 cents, or around 0.7%, to $2.682 per million British thermal units (btu) by 8:55 AM ET (1255 GMT). The commodity lost about 1.2% last week, after weather forecasts showed that temperatures won’t be as cold as previously expected. Market experts warned that futures are likely to remain vulnerable in the near-term as below-normal temperatures in April mean less than they do in January and February. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 8 and 20 billion cubic feet (bcf) in the week ended April 6. That compares with a decline of 29 bcf in the preceding week, an increase of 10 bcf a year earlier and a five-year average rise of 9 bcf

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips