MTECHTIPS:-U.S. natural gas pulls back from 2-week highs

MTECHTIPS:-U.S. natural gas pulls back from 2-week highs

MTECHTIPS- U.S. natural gas futures were lower on Tuesday, pulling back after hitting a two-week high amid colder forecasts for the end of January. Natural gas for February delivery on the New York Mercantile Exchange rallied nearly 2.7% to a session high of $3.513 per million British thermal units, a level not seen since January 3. It was last at $3.396 by 10:25 AM ET (15:25 GMT), down 2.3 cents, or around 0.7%. Markets in the U.S. were closed Monday for a public holiday. Natural-gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. Prices typically rise during the winter as colder weather sparks indoor-heating demand. About half of U.S. homes use natural gas for heating. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 220 and 230 billion cubic feet in the week ended January 13. That compares with a withdrawal of 151 billion cubic feet in the preceding week, 178 billion a year earlier and a five-year average drop of 170 billion cubic feet. Total natural gas in storage currently stands at 3.160 trillion cubic feet, according to the U.S. Energy Information Administration, 10.3% lower than levels at this time a year ago and around 0.1% below the five-year average for this time of year

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