09:16 AM EDT, 07/04/2024 (MT Newswires) -- Natural gas fell to a seven-week low early on Thursday in thin electronic trading due to the Independence Day holiday as long-term forecasts cooled.

Gas for August delivery was last seen down US$0.04 to US$2.38 per million British thermal units, the lowest since May 13.

The drop comes as the National Weather Service projects that most of the central United States will be well cooler than seasonal in the 6-10 day forecast, easing cooling demand.

The Energy Information Administration on Wednesday reported inventories of the fuel stored for winter use rose by 32-billion cubic feet last week, in line with expectations. Inventories ended the week at 3.13-trillion cubic feet, 18.8% above the five-year average. The report was released a day early due to the U.S. holiday.