MTECHTIPS;-U.S. natural gas futures fall to 2-week low

MTECHTIPS;-U.S. natural gas futures fall to 2-week low

MTECHTIPS -U.S. natural gas futures slumped to a two-week low on Monday, as forecasts showing a return to mild weather after a frigid cold blast in the eastern U.S. weighed. Natural gas for January delivery on the New York Mercantile Exchange fell to a session low of $3.330 per million British thermal units, a level not seen since December 1. It was last at $3.396 by 10:30 AM ET (15:30 GMT), down 1.9 cents, or 0.56%. Updated weather forecasting models showed that temperatures will warm the rest of the week across the country after a frigid Arctic blast swept across the northern and central U.S. this past weekend. Meanwhile, market participants awaited weekly supply data due on Thursday, which is expected to show a draw in a range between 197 and 210 billion cubic feet in the week ended December 16. That compares with a withdrawal of 147 billion cubic feet in the preceding week, 32 billion a year earlier and a five-year average drop of 101 billion cubic feet. Total natural gas in storage currently stands at 3.806 trillion cubic feet, according to the U.S. Energy Information Administration, 1.3% lower than levels at this time a year ago and 4.9% above the five-year average for this time of year.

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