UPDATE 3-U.S. natgas futures end down 2 pct in sixth straight loss

Mon Nov 4, 2013 3:05pm EST
 
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* Above-normal temperatures on tap for consuming regions

* Prices remain below key technical support levels

* Coming Up: EIA natgas storage data on Thursday

By Eileen Houlihan

NEW YORK, Nov 4 (Reuters) - U.S. natural gas futures slid 2 percent on Monday, pressured for a sixth straight session to their lowest level in nearly six weeks by forecasts for above-normal temperatures that will curb heating demand in consuming regions.

"Natural gas futures have flushed further to the downside as the temperature forecasts continued to trend somewhat warmer through the weekend, removing some heating demand and likely postponing the start of seasonal storage withdrawals," said Citi Futures energy analyst Tim Evans.

In addition, technical traders noted the nearby contract remains well below both the 100-day and 200-day moving averages, another continued bearish sign.

With nuclear power plant outages below normal, a quiet tropical front and near record-high production, most traders expected more losses until sustained cold weather arrives.

Front-month December natural gas futures on the New York Mercantile Exchange slid 6.8 cents, or 1.94 percent, to settle at $3.445 per million British thermal units.   Continued...