Correction: Sector Update: Consumer

Natural Gas Falls Off a Four-Month High Even as Hot Forecasts Offer a Demand Boost

Natural gas prices fell off a four-month high early Monday as long-term forecasts see hot weather on the way, but supply is robust.Gas for July delivery was last seen down $0.07 to US$3.22 per million British thermal units, after rising to the highest since Feb.5 on Friday.The drop comes as long-term forecasts from the National Weather Service expect all states to see hotter than seasonal temperatures over its eight to 14 day forecast, offering a boost to cooling demand.However supply remains robust, with the Energy Information Administration last week reporting stocks of the fuel stood at 2.48-trillion cubic feet, 6.2% above the five-year average.

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 1% higher.The United States Oil Fund (USO) was up 4.4% and the United States Natural Gas Fund (UNG) was 2.9% lower.Front-month US West Texas Intermediate crude oil was 2.6% higher at $89.64 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.1% to $93.98 per barrel, and natural gas futures were down 3% at $3.19 per 1 million British Thermal Units.Equinor (EQNR) recommended that the company's corporate assembly elect Jarle Roth as new chair of the board, the company said. Shares of Equinor were up more than 4% pre-bell.Venture Global (VG) shares were up more than 3% after the company said its Venture Global LNG subsidiary plans to issue $2.25 billion of senior secured notes due 2034 and 2036 in a private offering.BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported. BP stock was up more than 1% premarket.

Iran's Tasnim Says Iran to Stop Message Exchanges With US in Protest Over Israel, Bloomberg Reports