Investing.com - Natural gas futures declined for the fourth consecutive session on Tuesday, after updated long-term weather-forecasting models called for milder temperatures across most parts of the U.S.
On the New York Mercantile Exchange, natural gas for delivery in May fell to a session low of $4.304 per million British thermal units, the weakest level since March 25.
Natural gas last traded at $4.315 during U.S. morning hours, down 1.29%, or 5.7 cents.
The May contract lost 2.54%, or 11.4 cents, on Monday to settle at $4.371 per million British thermal units.
Futures were likely to find support at $4.263 per million British thermal units, the low from March 25 and resistance at $4.487, the high from March 31.
Updated long-term weather forecasts called for gradual warm-up from April 5 through April 14, likely reducing demand for the fuel.
Natural gas prices have been under heavy selling pressure in recent sessions amid concerns that the arrival of spring will bring warmer temperatures throughout the U.S. and cut into demand for heating.
Spring and fall see the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.
Total U.S. natural gas storage stood at 896 billion cubic feet as of last week, the lowest for this time of year since 2003, following a larger than expected withdrawal of 57 billion cubic feet.
Elsewhere on the Nymex, light sweet
crude oil for delivery in May shed 0.21%, or 21 cents, to trade at $101.37 a barrel, while heating oil for May delivery inched up 0.24% to trade at $2.937 per gallon.