MTECHTIPS:-U.S. gas futures fall to 1-week low amid mild weather

MTECHTIPS:-U.S. gas futures fall to 1-week low amid mild weather

 U.S. natural gas futures fell to a one-week low in early trade on Tuesday, as forecasts for less hot weather over the next two weeks dampened demand expectations for the cooling fuel. Natural gas for delivery in September on the New York Mercantile Exchange sank to a daily low of $2.735 per million British thermal units, a level not seen since July 28. It was last at $2.769 by 14:35 GMT, or 10:35 AM ET, down 0.2 cents, or 0.12%. On Monday, prices tumbled 10.5 cents, or 3.65%, as traders reacted to milder weather and the reality that higher summer demand for the commodity is coming to an end. 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. Losses were limited as market players looked ahead to weekly supply data due on Thursday, which is expected to show an increase of just 10 billion cubic feet of gas in the week ended July 29, as a recent heat wave prompted households to ramp up their air conditioning. That compares with a build of 17 billion cubic feet in the preceding week, 41 billion a year earlier and a five-year average of 54 billion cubic feet

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