US natural gas futures eased lower on Friday on afternoon forecasts calling for less cool weather over the next two weeks, expected to reduce heating demand a bit. In addition, traders noted estimates for gas production in the lower 48 US states came in much higher in the afternoon at 73.3 billion cubic feet per day, compared with morning forecasts of 72.7 bcfd, which would have been the lowest level of output since May.
Front-month gas futures on the New York Mercantile Exchange closed down 2.3 cents at $2.43 per million British thermal units. Average next-day gas prices at Algonquin on the Intercontinental Exchange, meanwhile, climbed to the highest level since mid September on forecasts for much cooler weather in New England over the next few days, matching the highest daily average since April.
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