05.03.201405:44:19UTC+00Natural gas advances; aims for bullish US supply data

Natural gas futures reported sturdy gains on Tuesday although it stayed within the bound and hoped severe weather in the US last week took its toll on the country's inventory report.

On the New York Mercantile Exchange, natural gas to be delivered in April settled at $4.607 per million British thermal units, up 2.55%. The commodity touched session peak of $4.647 and a low of $4.493. The April contract was set at 2.54% on Monday to end at $4.492 per million British thermal units.

Natural gas were likely find assistance at $4.463 per million British thermal units, Monday's low, and defiance at $4.736, Monday's high. Chilly weather dumping snow and pushing down mercury readings last week hopefully increased demand for natural gas as households triggered their heating, which should reflect in Thursday's supply report.

Early withdrawal estimations for this Thursday’s storage figures scoped from 140 billion cubic feet to 174 billion cubic feet, which is mostly over last year's draw of 149 billion cubic feet and well above the five-year average of 105 billion.

Total US natural gas storage placed at 1.348 trillion cubic feet as of last week, the least since 2004, after a withdrawal of 95 billion cubic feet. Natural gas prices mustered to a more than five-year peak of $6.493 per million British thermal units last February 20 as remarkably cold winter temperatures drove houses to consume a higher amount of fuel in furnaces to warm their houses.

The heating period from November through March is the peak season for US gas consumption. Around 52% of U.S. households use natural gas for heating, said the Energy Department. In the NYMEX, light sweet crude oil futures to be delivered in April surged down 1.77%, was at $103.06 per barrel, while heating oil to be delivered in April dived 1.58% and was at $3.0318 per gallon.