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Natural Gas Slips Despite Warmer Weather Forecasts

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Natural gas prices edged lower early Friday despite forecasts calling for above-normal or seasonal temperatures across much of the United States, a trend expected to support air-conditioning demand.

Natural gas for July delivery was last seen down $0.01, or 0.2%, at US$3.23 per million British thermal units.

The decline came even as the National Weather Service's six- to 14-day outlook called for seasonal or warmer-than-normal temperatures across most of the country, supporting cooling demand and electricity consumption.

Ample supplies continued to weigh on prices. The Energy Information Administration on Thursday reported inventories of gas stored for winter use rose by 73-billion cubic feet, near expectations, leaving inventories at 2.76-trillion cubic feet, 5.8% above the five-year average.

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