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Natural Gas Falls to Seven-Week Low on Milder Long-Term Forecasts

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Natural gas fell to a seven-week low early on Monday on cooling long-term forecasts.

Gas for August delivery was last seen down $0.05, or 1.6%, to $2.89 per million British thermal units, the lowest since May 26.

The drop comes as long-term forecasts from the National Weather Service expect temperatures in the big markets of the Northeast and Upper Midwest to be seasonal or cooler over its six to 10-day outlook, easing cooling demand.

Supply remains robust. In its weekly survey Thursday, the Energy Information Administration said stock of the fuel in the prior week rose by 61 billion cubic feet, above expectations on forecaster NatGasWeather for a rise of up to 54 billion cubic feet. The report said inventories ended the week at 2.98 trillion cubic feet, 6.6% above the five-year average.

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