• Category: News

Natural gas is at 8-month low again before stocks report publication

Today, natural gas futures in the U.S. once again approached the eight-month lows reached earlier in the week, as investors adjusted positions ahead of tomorrow's expected employment report to gauge the strength of lowering demand.

Natural gas is at 8-month low again before stocks report publication

During early U.S. trading on the New York Mercantile Exchange, natural gas with delivery in September fell to a session low of $3,755 per million British thermal units before it reduced losses to $3,761, decreasing by 1.7%, or 6.4 cents. On July 28, prices dropped to an eight-month low of $3,725.

Futures are likely to find support at $ 3.725 per million British thermal units, a minimum of July 28 and resistance at $3,857, the maximum of the same day.

As expected, the weekly inventory report from the U.S. Energy Information Administration, which is scheduled for tomorrow, will show an increase in inventory by 92 billion cubic feet for the week ending July 25 above the five-year average for this week.

Growth stocks in storage the fourteenth consecutive week exceeds the five-year average value. The data eased concerns about the reduction of the supply.

Total reserves of natural gas in the United States amounted to 2.219 billion cubic feet last week, reducing the deficit to the five-year average value of 23.5%, compared with a record 54.7% in late March.

Meanwhile, meteorologists continue to predict moderate temperatures in most parts of the United States for the next five days, which is likely to limit fuel demand. The demand for natural gas, typically varies in the summer because of the weather conditions and the use of gas for air conditioning.

Also on Nymex WTI crude oil of September delivery increased by 0.52%, or 52 cents and traded at $101.49 a barrel, while heating oil for September delivery rose in price by 0.1% to $2.916 per gallon.

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