MTECHTIPS:-U.S. natural gas sinks 5% on forecasts for warm January

MTECHTIPS:-U.S. natural gas sinks 5% on forecasts for warm January weather

MTECHTIPS- U.S. natural gas futures started the week with heavy losses on Monday, as forecasts of warmer weather and lighter heating demand for the next two weeks dragged down prices. Natural gas for February delivery on the New York Mercantile Exchange tumbled by more than 5% to a session low of $3.115 per million British thermal units, a level not seen since November 24. It was last at $3.124 by 9:40 AM ET (14:40 GMT), down 16.1 cents, or around 4.9%. Prices of the heating fuel lost 43.9 cents, or 11.8%, last week, as forecasts of mild January weather replaced predictions of severe cold. According to updated weather forecasting models, above normal temperatures are expected throughout large portions of the southern and eastern U.S. through January 23, dampening demand for the heating fuel. About half of U.S. homes use natural gas for heating. Natural-gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns
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