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Natural Gas Trading at a Two-Month Low as Forecasts Expect Mild Weather for Big Northern Markets

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Natural gas traded at a two-month low early on Tuesday, falling for a fifth straight session as long-term forecasts show cooler weather on the way for big northern markets.

Gas for August delivery was last seen down $0.03 to $2.87 per million British thermal units, the lowest since May 12.

The drop comes as the long-term forecast from the National Weather Service expects temperatures in the big markets of the upper Midwest and Northeast to be seasonal or cooler over its six to 10-day outlook, cutting into 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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