MTECHTIPS:-U.S. natural gas futures bounce off 10-week lows

MTECHTIPS- U.S. natural gas futures rose sharply on Tuesday, one day after sliding to the lowest level since November as forecasts called for mostly warmer-than-normal weather in key regions across the U.S. for the rest of the winter. Natural gas for March delivery on the New York Mercantile Exchange jumped 8.4 cents, or around 2.8%, to $3.135 per million British thermal units by 8:45 AM ET (13:45 GMT), after losing 1.3 cents, or 0.4%, a day earlier. Futures touched $3.006 on Monday, a level not seen since November 25. Prices of the heating fuel are down almost 17% so far this year as forecasts for warm winter weather weighed on heating demand expectations. Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. About half of U.S. homes use natural gas for heating. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 151 and 161 billion cubic feet in the week ended February 3. That compares with a withdrawal of 87 billion cubic feet in the preceding week, 70 billion a year earlier and a five-year average drop of 138 billion cubic feet

Apply For 2 Days Free Trials equity & commodity tips



    Comments are closed.

    NOTE : You are advised to take your position with your sense and judgment.The views and investment tips expressed by users on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions. If any other company also giving same script and recommandation then we are not responsible for that. We have not any position in our given scripts. Visiting our web one should by agree to our terms and condition and disclaimer also. All credit goes to original authors of post on this website. Website owner is not responsible for any loss due to your own decision or judgement. Thanks for Visiting our Website.