NEW YORK: US natural gas futures slipped nearly 2% on Friday on the coming expiration of the front-month contract and forecasts for less cold weather over the next two weeks than previously expected, while solid gains earlier in the week still set the market on course for its biggest weekly gain in four.
Front-month gas futures for December delivery on the NYMEX were down 13.4 cents, or 1.8%, to $7.174 per million British thermal units (mmBtu) at 10:23 a.m. EST (1523 GMT).
“The forecast seems to suggest that even though we are going to see this polar vortex... (traders are) pulling back some of their positions on the anticipation, the cold blast might not be as far reaching as originally feared,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
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