Reuters reported that after rising for six days in a row, US natural gas futures fell as a result of profit taking in anticipation of Thursday’s weekly inventory report. Cooler weather — and thus increased demand for gas-based heating — is still forecast for much of the US.
As quoted in the market news:
At 1:15 p.m. EDT (1715 GMT), front-month gas futures on the New York Mercantile Exchange was down 16.2 cents, or 4.6 percent, at $3.369 per million British thermal units after sinking midday to an intraday low of $3.354. The nearby contract on Tuesday posted a 2012 high of $3.546.