BLBG: Natural Gas Declines for Second Day in New York on Milder Weather Forecast
Natural gas futures fell for a second day on speculation below-normal temperatures in the U.S. Northeast will reduce demand for the power-plant fuel.
Gas dropped as much as 1.6 percent as companies including MDA EarthSat Weather in Gaithersburg, Maryland, said the weather will be cooler than normal in the Northeast through June 18. Gas has gained 13 percent since May 19 as temperatures broke records in cities including Baltimore.
“We’ve had quite a rally since late May and gas is pulling back a little bit,” said Carl Neill, an energy consultant at Risk Management Inc. in Atlanta. “The weather seems to be not as hot as it has been.”
Natural gas for July delivery fell 2.9 cents, or 0.6 percent, to $4.617 per million British thermal units at 9:12 a.m. on the New York Mercantile Exchange. Gas is down 7.8 percent from a year ago.
To contact the reporters on this story: Moming Zhou in New York at Mzhou29@bloomberg.net;
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
