September 6, 2013 / 7:19 PM / in 4 years

UPDATE 3-U.S. natgas futures slip 1 pct; first weekly loss in a mth

* Warm weather remains on tap for much of the nation

* Tropical activity stirs in Atlantic basin

* Nuclear plant outages still below normal

By Eileen Houlihan

NEW YORK, Sept 6 (Reuters) - U.S. natural gas futures fell just over 1 percent on Friday and ended the week down more than 1 percent, their first weekly loss in a month.

Traders said a bigger-than-expected weekly inventory build reported on Thursday and below-normal nuclear plant outages added weight to the downside, despite a stir in tropical activity this week and continued warm weather forecast for most of the nation this month.

“Natural gas fundamentals have been disappointing this week with an over performance of the weekly inventory injection level as well as a changing weather forecast from both a temperature and tropics perspective,” said Energy Management Institute partner, Dominick Chirichella.

Front-month October natural gas futures on the New York Mercantile Exchange slid 4.5 cents, or 1.26 percent, to settle at $3.53 per million British thermal units.

The nearby contract slid just over 5 cents, or 1.4 percent, for the week, after three straight weekly gains.

Some technical traders said the market was overbought and due for the pullback, after rising nearly 19 percent from the 5-1/2-month low of $3.129 hit in early August to the six-week high of $3.719 hit early Thursday.

Others cautioned that the peak of the hurricane season and the onset of the nuclear refueling outage season were still ahead.

In the cash market, gas for weekend delivery at the NYMEX benchmark, Henry Hub in Louisiana, slid 14 cents to $3.55, according to ICE. Late deals were also done at 3 cents over the front month contract, easing from those done late Thursday at a 10-cent premium.

Gas on the Transco pipeline at the New York citygate slid 9 cents to $3.64, while Chicago citygate prices were down 18 cents at $3.67.

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