U.S. Natural Gas Futures Extend Losing Streak
1502 ET – U.S. natural gas futures fall for a third straight session as weather forecasts turn cooler after this week's heat wave hitting the East Coast. Strong wind and solar power generation, as well as selling in gold and oil on easing Middle East tensions, could also have played a role in the pullback, NatGasWeather.com says in a note. So could this week's July contract expiration, the forecaster adds. Nymex natural gas settles down 4.4% at $3.537/mmBtu. (anthony.harrup@wsj.com)
1008 ET – Natural gas futures are down for a third session as market participants look beyond this week's heat wave driving high demand. Ritterbusch says large price swings up and down are likely to continue as the weather takes on greater importance over the summer. 'Although production has tapered off slightly this week and exports have slipped, the gas balances currently remain tilted bearish with the supply surplus likely to increase further' with this week's EIA storage report, the firm says. 'But from here, we see additional increase in the surplus as limited with a potential significant reduction a high probability if the rest of the summer proves hotter than normal.' Nymex natural gas is down 1.8% at $3.630/mmBtu. (anthony.harrup@wsj.com)
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