Natural Gas Moves Lower Ahead of Storage Data on Cooling Long-Term Forecasts
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Natural gas prices fell to $2.83 per million British thermal units ahead of storage data, down $0.03. Long-term forecasts predict cooler temperatures across the Rocky Mountains to the Mississippi River, reducing cooling demand. The Energy Information Administration is expected to report a significant injection into storage, with projections of an 86 billion cubic foot rise. A figure over 90 Bcf could lead to a drop to $2.75, while a number in the low 80s might push prices back towards $3, depending on weather conditions.
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