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Natural gas edges up with eyes on tropical Atlantic

Published 10/10/2014, 02:44 PM
Updated 10/10/2014, 02:47 PM
Natural gas eyes tropical weather system in Atlantic, zigzags on mild U.S. weather

Natural gas eyes tropical weather system in Atlantic, zigzags on mild U.S. weather

Investing.com - Natural gas futures edged higher in choppy trading on Friday, as no change to weather forecasts calling for mild air prompted investors to wait on the sidelines, though possible trouble in the tropics allowed for some gains.

On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.27% at $3.856 per million British thermal units during U.S. trading. The commodity hit a session low of $3.836, and a high of $3.887.

The November contract settled down 0.26% on Thursday to end at $3.845 per million British thermal units.

Natural gas futures were likely to find support at $3.815 per million British thermal units, Thursday's low, and resistance at $4.184, the high from Oct. 1.

Updated weather-forecasting models continued to call for pockets of cool air to trek across the U.S. in the coming days, though temperatures still won't fall too hard to seriously drive demand for heating while staying mild enough to curb the need for air conditioning.

Cooler air systems will see reinforcements, though the intensity of these blasts of falling mercury reading remains up in the air.

"There will be additional cool blasts lined up for the Midwest and Northeast thereafter, and likely through the rest of October. This will continue to provide chilly conditions at times as overnight lows drop into the 30s and 40s," Natgasweather.com reported in its midday Friday update.

"However, they will not tap into enough northern Canadian air to bring widespread freezing temperatures, which we believe to be important."

Elsewhere, a low pressure system began to swirl in the eastern Atlantic, and weather models pointed to a westward path with some possibility of development, which allowed for some gains, though uncertainty as to whether it could enter the energy-rich Gulf of Mexico kept trading choppy.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 0.05% at $85.73 a barrel, while heating oil for November delivery were up 0.87% at $2.5586 per gallon.

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