NEW YORK: US natural gas futures fell more than 1% to a one-week low on Monday on forecasts for lower demand over the next two weeks, while traders assessed the potential impact from Hurricane Debby, which could lead to lower demand for the fuel.
Front-month gas futures for September delivery on the New York Mercantile Exchange were down 1.79 cents, or about 1%, to $1.95 per million British thermal units at 10:05 a.m. EDT (1405 GMT).
“There’s going to be power outages from the storm that could go into many state and it could also cool down the temperatures, so that is one of the reasons why we’re seeing some pressure here in the natural gas ... and you also have to consider the fact that stock markets are melting down amid a slowdown in economy; I think it’s also taking its toll on the mood of the market,” said Phil Flynn, an analyst at Price Futures Group.
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