Natural gas futures declined for the third time in four days in New York.
Gas for August delivery fell as much as 0.7 percent to $3.717 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.720 at 11:31 a.m. Singapore time. The contract rose 1.8 percent yesterday to $3.743 on speculation that a heat wave last week reduced U.S. stockpile gains.
“The weather has moderated greatly, thus gas demand is now much lower, and hence the inability for gas bulls to push the market higher,” said Stephen Schork, the president of Schork Group Inc., a consultant in Villanova, Pennsylvania.
Electricity generators are the largest U.S. consumer of gas, accounting for 32 percent of demand, according to the Energy Information Administration, the statistical arm of the Energy Department.
To contact the reporter on this story: Chou Hui Hong in Singapore at email@example.com
To contact the editor responsible for this story: Alexander Kwiatkowski at firstname.lastname@example.org