MTECHTIPS:-U.S. natural gas futures fall to lowest since March on

MTECHTIPS:-U.S. natural gas futures fall to lowest since March on weather outlook

MTECHTIPS-U.S. natural gas futures slid to the lowest level since mid-March on Monday, after the latest U.S. weather model called for mild temperatures over the next two weeks, which should reduce heating demand during that time. U.S. natural gas for July delivery fell to a session low of $2.935 per million British thermal units, a level not seen since March 20. It was last at $2.999 by 10:10 AM ET (1410 GMT), little changed on the day. Prices of the fuel dropped about 7% last week, the biggest weekly loss since the end of January. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact shifting outlooks on spring heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating. Total natural gas in storage currently stands at 2.525 trillion cubic feet, according to the U.S. Energy Information Administration, 12.8% lower than levels at this time a year ago but 8.9% above the five-year average for this time of year.

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