Investing.com - Investing.com - Natural gas futures edged lower but held range bound on Tuesday as investors bet a recent spate of mild U.S. temperatures will result in a bearish supply report due out on Thursday.
On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.753 per million British thermal units during U.S. trading, down 0.33%. The commodity hit a session high of $3.793 and a low of $3.740.
The September contract settled down 0.58% on Monday to end at $3.765 per million British thermal units.
Natural gas futures were likely to find support at $3.725 per million British thermal units, Monday's low, and resistance at $3.857, Monday's high.
Below-normal temperatures that continue to make their way across the Midwest and eastern U.S. have likely prompted households to throttle back on their air conditioning, which has resulted in several days of losses for natural gas.
The U.S. government is due to release its weekly supply report on Thursday, with many investors in standby mode ahead of then.
The U.S. Energy Information Administration said in its weekly report on July 24 that natural gas storage in the U.S. rose by 90 billion cubic feet during the week before. The five-year average change for the week is an increase of 46 billion cubic feet.
Total U.S. natural gas storage stood at 2.219 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 23.5%, down from a record 54.7% at the end of March.
Injections of gas into storage have surpassed the five-year average for 14 consecutive weeks.
Analysts are expecting a build of 90 billion cubic feet for this week, again well above the five-year average for the week.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 1.14% at $100.51 a barrel, while heating oil for August delivery were up 0.14% at $2.9003 per gallon.
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