BS: Natural Gas Futures Decline on Forecasts for Cooler Weather
Natural gas futures slipped in New York as meteorologists predicted cooler weather that would limit demand for the power-plant fuel.
Gas dropped as much as 1.4 percent as Commodity Weather Group LLC in Bethesda, Maryland, said temperatures would be mostly normal in the southern half of the U.S. from July 14 through July 18. Prices advanced 3.4 percent yesterday, the most since June 17, on forecasts for hotter weather in most of the contiguous U.S. through July 22.
“We’re seeing a change to mostly normal temperatures, especially around Texas,” said Sal Umek, an analyst at the Energy Management Institute in New York. “The market is also seeing some light profit-taking after yesterday’s rally.”
Natural gas for August delivery fell 4.2 cents, or 1.1 percent, to $3.699 per million British thermal units at 9:10 a.m. on the New York Mercantile Exchange. Trading volume was 40 percent below the 100-day average. Prices have climbed 10 percent this year.
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