Natural gas falls on forecasts for mild U.S. weather

Natural gas falls on forecasts for mild U.S. weather

Investing.com - Investing.com - Natural gas futures dropped on Friday after updated weather-forecasting models scaled back the intensity of a U.S. cool snap and called for mild temperatures that should curb demand for both heating and air conditioning.

On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.86% at $3.764 per million British thermal units during U.S. trading. The commodity hit a session low of $3.716, and a high of $3.817.

The November contract settled down 0.11% on Thursday to end at $3.796 per million British thermal units.

Natural gas futures were likely to find support at $3.716 per million British thermal units, the session low, and resistance at $3.955, Tuesday's high.

Mild temperatures sent natural gas prices falling on Friday.

"Reinforcing cool surges will sweep through the Great Lakes Region and Northeast into early next week, with lows dropping into the 30s and 40s, locally below freezing to drive moderate demand for early season heating," Natgasweather.com reported in its Friday midday update.

"However, the rest of the U.S. will be relatively comfortable as high pressure expands to cover many northern U.S. regions by late in the week, providing several days where only light national heating or cooling demand will be needed."

Thursday's supply report pressured prices lower as well.

The Energy Information Administration reported earlier that working natural gas storage in the U.S. rose by 94 billion cubic feet in the week ending Oct. 10, outpacing market calls for a build of 91 billion cubic feet, which sent prices edging lower.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were up 0.08% at $82.77 a barrel, while heating oil for November delivery were up 0.96% at $2.4941 per gallon.

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