MTECHTIPS;-U.S. natural gas futures edge lower

MTECHTIPS;-U.S. natural gas futures edge lower

MTECHTIPS-U.S. natural gas futures edged lower for the third straight session on Monday, as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. U.S. natural gas for June delivery shed 2.2 cents, or around 0.7%, to $3.170 per million British thermal units by 9:00 AM ET (13:00 GMT). It fell to $3.161 earlier. Prices of the heating fuel slumped 5.8 cents on Friday. Weather systems will impact the Southeast and Northern parts of the U.S. during the next few days, according to forecasters at with showers and cooling combining to drive slightly stronger than normal demand. As the week progresses, warm high pressure will build over the East with highs of 70 s to upper 80 s, driving modest early season demand for cooling. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
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