Natural gas fall for 2nd straight day.
U.S. natural gas declined for a second day in a row on Tuesday, amid speculation that July heat won’t prevent stockpiles from reaching a record before the winter.
Natural gas for delivery in September on the New York Mercantile Exchange shed 3.7 cents, or 1.36%, to trade at $2.675 per million British thermal units by 14:26GMT, or 10:26AM ET. A day earlier, prices lost 3.1 cents, or 1.13%.
Total U.S. natural gas storage stood at 3.277 trillion cubic feet as of last week, according to the U.S. Energy Information Administration, 14.4% higher than levels at this time a year ago and 17.1% above the five-year average for this time of year.
Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October.