Natural Gas falls near to two weeks low as cold temperature is easing from the frigid U.S. provinces especially central and northeast. The commodity fell from the high of $5.737 on to $4.626 in three days. Today the heating fuel contract for March delivery loses by 2.45% to $4.658.
It was the coldest season at U.S. since 1994 that supercharged prices to four years high. Change in cold to mild weather condition has curbed the demand for heating fuel.
In next week there is expectation of warm environment at central and Midwest U.S. Higher temperature may fall Natural Gas prices near to $4.54.
The Inventory has fell to 1.923 trillion cubic feet for the week ended 7th Feb. Below average temperature wiped out storage below 5 year average. In this week release we may see low withdrawal as weather condition is improving.
Natural Gas, the energy source used by 49% of U.S. households as heating fuel, may find support near to $4.10 in this week.