U.S. Natural Gas Futures Snap Three-Day Advance in Asian Trading
Natural gas futures declined in New York, snapping a three-day increase.
Gas for August delivery fell as much as 1 percent to $3.640 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.671 at 11 a.m. Singapore time. The contract rose 0.1 percent to $3.677 yesterday on speculation that U.S. government data will show a smaller-than-normal gain in stockpiles of the power-plant fuel as hot weather boosted demand.
An Energy Information Administration report tomorrow may show inventories climbed 60 billion cubic feet in the week ended July 12, according to the median estimate of seven analysts surveyed by Bloomberg News. The five-year average gain is 70 billion. The weather was warmer than normal in most of the U.S. last week, MDA Weather Services data show.
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