Investing.com - Natural gas futures pulled back on Tuesday, as forecasts for mild weather in the near-term was expected to reduce demand for the heating fuel. On the New York Mercantile Exchange, natural gas futures for delivery in April fell to a session low of $4.460 per million British thermal units, the weakest level since March 14. Nymex natural gas prices last traded at $4.484 per million British thermal units during U.S. morning hours, down 1.15%, or 5.2 cents. The April contract rallied 2.51%, or 11.1 cents, on Monday to settle at $4.536 per million British thermal units. Futures were likely to find support at $4.341 per million British thermal units, the low from March 14 and resistance at $4.587, the high from March 17. The Commodity Weather Group said the weather would be mostly normal in parts of the Midwest and Southeast through March 22 before turning colder. Total U.S. natural gas storage stood at 1.001 trillion cubic feet, the lowest for this time of year since 2003. Prices slumped to a seven-week low of $4.341 per million British thermal units on Friday, amid concerns that the arrival of spring will bring warmer temperatures throughout the U.S. and cut into demand for heating. The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department. Elsewhere on the Nymex, light sweet crude oil futures for delivery in May rose 0.64%, or 62 cents, to trade at $98.25 a barrel, while heating oil for April delivery dipped 0.04% to trade at $2.889 per gallon.

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