NEW YORK (Dow Jones)--Natural-gas futures fell to a fresh 10-year low Monday as high supplies continue to plague the market and warm weather keeps a lid on demand. Natural gas for April delivery settled 4.9 cents, or 2.2%, lower at $2.226 a million British thermal units on the New York Mercantile Exchange, the lowest settlement since February 2002. Warmer-than-normal temperatures remain in place for much of the U.S., choking off demand for gas-fired heating. On Monday, Commodity Weather Group said the unusually warm temperatures across the U.S. this month are expected to last through the next six-to-10 days before cooler weather patterns emerge. Gas prices broke below $2.30/MMBtu, which has been the center of gravity for futures over the past month. By dropping below recent lows, the market may have provided motivation for technical traders to continue selling, said Kyle Cooper, managing partner at IAF Advisors in Houston.
Natural Gas Falls To Fresh 10-Year Low
NEW YORK (Dow Jones)--Natural-gas futures fell to a fresh 10-year low Monday as high supplies continue to plague the market and warm weather keeps a lid on demand. Natural gas for April delivery settled 4.9 cents, or 2.2%, lower at $2.226 a million British thermal units on the New York Mercantile Exchange, the lowest settlement since February 2002. Warmer-than-normal temperatures remain in place for much of the U.S., choking off demand for gas-fired heating. On Monday, Commodity Weather Group said the unusually warm temperatures across the U.S. this month are expected to last through the next six-to-10 days before cooler weather patterns emerge. Gas prices broke below $2.30/MMBtu, which has been the center of gravity for futures over the past month. By dropping below recent lows, the market may have provided motivation for technical traders to continue selling, said Kyle Cooper, managing partner at IAF Advisors in Houston.