May 25, 2018

MTECHTIPS;-U.S. natural gas sinks to 10-week lows amid lack of cold weather

MTECHTIPS-U.S. natural gas futures declined on Monday, falling to the lowest level since November as forecasts continued to call 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 sank to a session low of $3.008 per million British thermal units, a level not seen since November 25. It was last at $3.013 by 9:20 AM ET (14:20 GMT), down 5.0 cents, or around 1.6%. Prices of the heating fuel lost almost 10% last week as forecasts for warmer weather in key regions across the U.S. during the next few weeks 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 157 and 167 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



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