Investing.com - Investing.com - Natural gas futures dropped but remained range bound on Friday after updated weather-forecasting models called for mild temperatures to hover over portions of the heavily populated eastern half of the U.S. in the coming days
On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $3.782 per million British thermal units during U.S. trading, down 1.70%. The commodity hit a session high of $3.861 and a low of $3.765.
The August contract settled up 2.26% on Thursday to end at $3.847 per million British thermal units.
Natural gas futures were likely to find support at $3.744 per million British thermal units, Thursday's low, and resistance at $3.886, Thursday's high.
Forecasts for below-normal temperatures sent natural gas prices falling on Friday as investors sold on expectations for households to throttle back on their air conditioning.
In its Friday mid-day update, Natgasweather.com reported that cool snaps are expected this weekend and next week that will bring below-normal temperatures to much of the central and eastern U.S.
"This guarantees two more much larger than normal builds to come. A much warmer pattern will begin to set up after next week, but it will still be fairly active with areas of showers and thunderstorms over much of the U.S.," Natgasweather.com reported.
"What will be the next area of focus regarding weather patterns is what happens after warming plays out during the first week of August. We still see enough weather and climate data to expect the northern U.S. to again battle cooler Canadian weather systems as they again attempt to track through the Midwest and Northeast."
The bearish weather report wiped out gains stemming from Thursday's bullish weekly inventory report.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 18 rose by 90 billion cubic feet, below expectations for an increase of 96 billion cubic feet.
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. Stocks were 561 billion cubic feet less than last year at this time and 683 billion cubic feet below the five-year average of 2.902 trillion cubic feet for this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were up 0.06% at $102.13 a barrel, while heating oil for August delivery were up 1.38% at $2.9104 per gallon.
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