Natural Gas Wipes Out 2013 Gain as Mild Weather Cuts Demand

Natural gas declined for the second straight week in New York, wiping out a 2013 gain, as a mild start to August limited demand from power plants.

Gas futures fell 1.2 percent after forecasts showed below-normal temperatures from the East Coast to the Great Plains from Aug. 7 through Aug. 12, according to MDA Weather Services in Gaithersburg, Maryland. Prices have tumbled 25 percent from a 21-month high on May 1 as U.S. inventory increases exceeded five-year averages in seven of the past nine weeks.