MTECHTIPS;-U.S.natural gas futures pull further away from $3.00-level

MTECHTIPS;-U.S. natural gas futures pull further away from $3.00-level

MTECHTIPS- U.S. natural gas futures edged lower for the second straight session on Wednesday, pulling further away from the key $3.00-level as market players looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. U.S. natural gas for September delivery was at $2.916 per million British thermal units by 8:20 AM ET (1220 GMT), down 2.4 cents, or around 0.8%. Futures ended lower on Tuesday, after touched their highest level since August 14 at $3.006, as near-term weather forecasts turned cooler. A weather system with showers and cooling will sweep across the central and east-central U.S. through the end of the week, dropping demand to much lighter levels due to highs only reaching the 70 s to lower 80 s Fahrenheit. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-summer cooling demand. Nearly 50% of all U.S. households use gas for cooling.Market participants now looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 39 and 48 billion cubic feet in the week ended August 18. That compares with a gain of 53 billion cubic feet in the preceding week, a build of 11 billion a year earlier and a five-year average rise of 53 billion cubic feet

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