(Bloomberg) — U.S. natural gas futures fell as weather forecasts shifted milder, signaling weakening demand for the heating fuel.
Futures for January delivery settled down 0.1% to $4.055 per million British thermal units in New York on Tuesday. That followed an 8.8% gain during the previous session. The more-active February contract closed 1.5% lower.
- Latest weather forecast leans milder than in previous outlook from the Midwest to the East Jan. 2-6: Maxar
- Colder-than-normal temperatures are still expected in West, northern states
- Lower 48 dry gas production seen at ~97.5 bcf Tuesday, up 5.2% from a year ago
- Lower 48 total gas demand estimated at ~84.8 bcf, down 5.3% y/y
- Estimated gas flows to LNG export terminals ~12.5 bcf, down 3% w/w
- READ: European Gas Posts Longest Declining Streak in More Than a Year
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