U.S. natural gas futures plunged to the lowest level in almost seven weeks on Tuesday, as forecasts showing unseasonably warm temperatures across the U.S. Midwest in the days ahead dampened demand expectations for the heating fuel. Natural gas for delivery in November on the New York Mercantile Exchange tumbled to a daily low of $2.772 per million British thermal units, a level not seen since September 8. It was last at $2.790 by 10:40AM ET (14:40GMT), down 4.1 cents, or 1.45%. Meanwhile, the more actively-traded December contract sank 15.6 cents, or 4.73%, to $3.162 per million British thermal units. It plunged 16.2 cents, or 5.41%, on Monday, as warmer-than-average weather in the Midwest prompted speculation that a mild winter will curtail demand for the heating fuel. Meanwhile, market players looked ahead to weekly supply data due on Thursday, which is expected to show a build of approximately 70 billion cubic feet in the week ended October 21. That compares with a gain of 77 billion cubic feet in the preceding week, 62 billion a year earlier and a five-year average build of 76 billion cubic feet. Total natural gas in storage currently stands at 3.836 trillion cubic feet, according to the U.S. Energy Information Administration, 1.2% higher than levels at this time a year ago and 4.8% above the five-year average for this time of year.
U.S. natural gas sinks 5% on unseasonably warm weather outlook
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