U.S. Natural Gas Futures Extend Decline on Loss of Heating Demand
Dow Jones10-21 20:30
0830 ET - U.S. natural gas futures extend their slide into a fourth session with near-term weather forecasts shedding heating demand. "That has dropped us down through the support around $3 and even below the firmer support at $2.90," Tradition Energy's Gary Cunningham says in a note. With gas for January delivery firmly under $4, it could drive some hedging interest as international buyers still rely on U.S. supplies due to continued restrictions on LNG out of the Persian Gulf, giving support to the December-February strip, he says. Natural gas for November delivery is down 4% at $2.844/mmBtu.
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