Natural Gas Futures Turned Lower

U.S. natural gas futures turned lower on Tuesday for the first day in 10 on forecasts for less cold but still near-normal weather than previously forecast through the start of spring. After the warmest winter on record so far for the industry's November-March storage withdrawal season, meteorologists forecast temperatures over the next two weeks would remain near normal levels for this time of year.

U.S. gas demand is expected to ease to 87.3 billion cubic feet per day (bcfd) this week from 89.0 bcfd last week before rising to 94.3 bcfd next week as the weather cools, Thomson Reuters data showed. Analysts forecast utilities pulled 70 billion cubic feet (bcf) of gas from storage during the week ended March 3.

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Suhani Verma

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