-- US natural gas futures were down on Tuesday, hovering near 18-month lows, amid rising gas injection into inventories, which are now significantly above recent averages.
The front-month Henry Hub contract and the continuous contract were down 0.62% at $2.71 per million British thermal units.
Last week, the Energy Information Administration reported a net injection of 103 billion cubic feet into storage, ahead of market expectations at 96 Bcf, last year's 77 Bcf build, and the five-year average for this period at 64 Bcf.
Meanwhile, natural gas output remained relatively flat at 106.5 Bcf per day, while LNG feedgas flows dropped by 0.5 Bcf/d last week, according to NRG Energy.
According to Pinebrook Energy Advisors, both residential and commercial demand still have room to decline before hitting their summer lows, making the outlook further bearish for US natural gas prices, at least in the near term.
Weather forecasts, however, have turned bullish, with most regions across the central and eastern US expected to see below-normal temperatures from May 5 to May 11, according to the National Weather Service, adding fresh momentum to the market.