Natural gas declined for the first time since four days today after investors decided to cash out and secure gains after the fuel reached a three-week high earlier today. Still, increased demand continues to apply upward pressure on gas price due to the hot weather forecasts in the central parts of the U.S., which shot gas prices up until today. Natural gas demand tends to surge in the summer months because the higher temperatures increase the need for gas-powered electricity to power air conditioning. On the New York Mercantile Exchange natural gas futures for June delivery were down 0,6% for the day and traded at $4,168 per million British thermal units.
Market players, who trade with natural gas are awaiting the U.S. Energy Information Administrations report about the Natural Gas Storage Indicator, which increased last week. Preliminary estimates suggest this week injections range between 87 and 100 billion cubic feet, up compared to the 75 billion cubic feet the same week last year. The five-year average equals to a gain of 90 billion cubic feet.
Total U.S. natural gas inventories were 1,865 trillion cubic feet up to last week, which is 5% below the five-year average.
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