Investing.com - U.S. natural gas futures were under pressure on Wednesday, extending losses into a fourth session amid bearish weather forecasts that should limit demand for the fuel.
U.S. natural gas for August delivery was at $2.898 per million British thermal units by 9:25AM ET (1325GMT), down 5.1 cents, or around 1.7%, not far from a four-month low of $2.855.
Trade volumes were thin on Tuesday, as U.S. markets remained closed for the Independence Day holiday.
Natural gas fell sharply on Monday to notch its third losing session in a row, as updated weather forecasting models pointed to decreased summer demand in the weeks ahead.
Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.
Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning.
Nearly 50% of all U.S. households use gas for heating.
Total natural gas in storage currently stands at 2.816 trillion cubic feet, according to the U.S. Energy Information Administration, 10.2% lower than levels at this time a year ago but 6.4% above the five-year average for this time of year.
Market participants looked ahead to weekly storage data due on Friday, which is expected to show a build in a range between 57 and 69 billion cubic feet in the week ended June 30.
That compares with a gain of 46 billion cubic feet in the preceding week, an increase of 39 billion a year earlier and a five-year average rise of 66 billion cubic feet.