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MTECHTIPS:- U.S. natural gas futures push higher in early trade

MTECHTIPS:- U.S. natural gas futures push higher in early trade

U.S. natural gas prices pushed higher on Tuesday, as market players continued to assess the outlook for U.S. demand and supply levels. Natural gas for delivery in October on the New York Mercantile Exchange tacked on 2.2 cents, or 0.84%, to trade at $2.710 per million British thermal units during U.S. morning hours. A day earlier, gas futures lost 2.6 cents, or 0.96%. Updated weather forecasting models released Tuesday showed that most parts of the southern and western U.S. will be engulfed by hot temperatures. However, cooler weather was expected across most parts of the Great Lakes, Northeast and Midwest-regions as the week progresses. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use. Natural gas accounts for about a quarter of U.S. electricity generation. According to the U.S. Energy Information Administration, natural gas supplies totaled 3.099 trillion cubic feet as of last week, 18.3% higher than during the same week a year earlier and 2.9% above the five-year average for this time of year.
Last spring, supplies were 55% below the five-year average, indicating producers have made up for all of last winter’s unusually strong demand.
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