MTECHTIPS:-U.S. natural gas futures start the week on upbeat note


MTECHTIPS-U.S. natural gas futures start the week on upbeat note

 

MTECHTIPS-U.S. natural gas futures edged higher on Monday, bouncing back after falling to the lowest level in more than five months at the end of last week. U.S. natural gas for September delivery was at $2.797 per million British thermal units by 10:00 AM ET (1400 GMT), up 2.3 cents, or around 0.8%. It fell to its lowest since March 2 at $2.753 in the prior session session. Prices saw a weekly drop of nearly 5.7%, last week, its third such loss in a row, amid bearish weather forecasts that should limit demand for the fuel. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer cooling demand. Nearly 50% of all U.S. households use gas for cooling. Total natural gas in storage currently stands at 3.010 trillion cubic feet, according to the U.S. Energy Information Administration, 8.5% lower than levels at this time a year ago but 2.9% above the five-year average for this time of year

 

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