INV: Natural gas futures hit fresh 8-week high with U.S. supplies in focus
Investing.com - Natural gas futures rallied for the fourth consecutive session on Tuesday to hit the highest level in eight weeks, amid speculation this week’s U.S. supply data will show a below-average increase in inventories.
On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.755 per million British thermal units during U.S. morning trade, up 0.45%. The October contract settled 1.65% higher on Monday at USD3.738 per million British thermal units.
Natural gas prices rose by as much as 1% earlier in the day to hit a session high of USD3.776 per million British thermal units, the strongest level since July 24.
Nymex gas futures were likely to find support at USD3.627 per million British thermal units, the low from September 16 and resistance at USD3.779, the high from July 24.
Early injection estimates for this Thursday’s storage data range from 55 billion cubic feet to 68 billion cubic feet, compared to a 61 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 74 billion cubic feet.
Total U.S. natural gas storage stood at 3.253 trillion cubic feet as of last week, 1.4% above the five-year average for the same week and 5% below last year's unusually high level.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November fell 0.9% to trade at USD105.25 a barrel, while heating oil for October delivery declined 1.4% to trade at USD3.020 per gallon.
