MTECHTIPS:-Natural gas futures slump to 3-week low on forecasts for less cold
MTECHTIPS:-Natural gas futures slump to 3-week low on forecasts for less cold
U.S. natural gas futures slid to the lowest level in more than three weeks on Monday, as forecasts calling for less cold weather over the next two weeks weighed. for delivery in February on the New York Mercantile Exchange dropped 2.0 cents, or 0.95%, to trade at $2.081 per million British thermal units by 14:20 GMT, or 9:20AM ET. It earlier fell to $2.044, a level not seen since December 24. Natural gas futures tumbled 34.6 cents, or 15.05%, last week, the biggest weekly loss since February 2014, as forecasts showed above-normal temperatures for the eastern U.S. in late January. Bearish speculators are betting on the warm weather reducing winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption. in the U.S. fell by 168 billion cubic feet last week, according to the U.S. Energy Information Administration, below expectations for a decline of 178 billion. That compared with a drawdown of 113 billion cubic feet in the prior week, while the five-year average change for the week is a withdrawal of 178 billion cubic feet. Total U.S. natural gas storage stood at 3.475 trillion cubic feet, 16.9% higher than levels at this time a year ago and 13.7% above the five-year average for this time of year.
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