Futures Pros – Natural gas futures were down on Wednesday, falling to a fresh daily low, as lingering concerns about oversupply pressured prices lower. On the New York Mercantile Exchange, natural gas futures for December delivery fell to USD 3.814 per million British thermal units during European afternoon trade, tumbling 1.79%. It earlier fell to a daily low of USD 3.812 per million British thermal units. Earlier in the day, Russia’s Energy Ministry said in a report that total domestic natural gas production rose by 14% in the January to October period, compared to the same period a year earlier. According to the data, natural gas exports in this period increased by 17.6 billion cubic meters to 145.7 billion cubic meters. Russia is the world’s largest producer of natural gas. Elsewhere, a report from the U.S. Energy Information Administration on Thursday was expected to show U.S. natural gas stockpiles rose by 62 billion cubic feet in the week ended October 29. Meanwhile, the Commodity Weather Group said on Tuesday that while cooler temperatures were expected for the U.S. East coast, a "moderate to strong warming could sweep over the Midwest and East in the next 10 to 15 days”. Warmer temperatures decrease the need for gas-fired electricity to heat homes, reducing demand for natural gas. Also Wednesday, light sweet crude futures for delivery in December gained 0.46% to trade at USD 84.34 a barrel during European afternoon trade.

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