Natural gas futures declined in New York, paring yesterday’s gains.
Gas for August delivery fell as much as 1.1 percent to $3.641 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.665 as of 12:10 p.m. in Singapore. The contract rose 0.6 percent yesterday to $3.68 on forecasts for above-normal temperatures that would boost air conditioner use.
Power generation accounts for 32 percent of U.S. gas demand, according to the Energy Information Administration, the Energy Department’s statistical arm.
An EIA report scheduled for release today may show gas stockpiles rose 81 billion cubic feet in the week ended July 5, according to the median of 13 analyst estimates compiled by Bloomberg.
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