Investing.com - Natural gas futures fell to the lowest level in three months on Monday, as market players continued to assess the outlook for U.S. demand and supply levels.
On the New York Mercantile Exchange, natural gas for delivery in August hit a session low of $4.263 per million British thermal units, the weakest level since April 2, before trimming losses to last trade at $4.274 during U.S. morning hours, down 2.16%, or 9.5 cents.
Futures were likely to find support at $4.221 per million British thermal units, the low from April 2 and resistance at $4.411, the high from July 3.
Concerns over tight supplies continued to fade away after weekly supply data released last week showed that utilities in the U.S. added 100 billion cubic feet of gas into storage in the week ended June 20. The five-year average change for the week is an increase of 68 billion cubic feet.
Total U.S. natural gas storage stood at 1.929 trillion cubic feet as of last week, 25.7% below their level this time last year and 29.1% below the five-year average.
Natural gas stockpiles have grown by 100 or more billion cubic feet for eight consecutive weeks, a record streak since 1994.
Elsewhere on the Nymex, crude oil for delivery in August tacked on 0.15%, or 15 cents, to trade at $103.93 a barrel, while heating oil for August delivery inched up 0.1% to trade at $2.921 per gallon.
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