Investing.com - U.S. natural gas prices soared on Wednesday, as investors reacted to a cooler shift in weather patterns.
On the New York Mercantile Exchange, natural gas for delivery in February hit a session high of $3.118 per million British thermal units, the most since January 5, before trading at $3.107 during U.S. morning hours, up 16.4 cents, or 5.57%.
A day earlier, natural gas rallied 14.8 cents, or 5.3% to settle at $2.943.
Futures were likely to find support at $2.795 per million British thermal units, the low from January 13, and resistance at $3.176, the high from January 5.
Updated weather forecasting models indicated that temperatures over the central U.S. would not be as warm as previously predicted, boosting near-term demand expectations for the heating fuel.
Bullish speculators are betting on the cooler weather to increase winter-heating demand for the fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Meanwhile, the U.S. Energy Information Administration's weekly storage report slated for release on Thursday is expected to show a decline of 192 billion cubic feet for the week ending January 9.
Inventories fell by 268 billion cubic feet in the same week a year earlier, while the five-year average change is a drop of 190 billion cubic feet.
Total U.S. natural gas storage stood at 3.089 trillion cubic feet, 7.4% above year-ago levels and 2.1% below the five-year average for this time of year.
Elsewhere on the Nymex, crude oil for delivery in February inched up 63 cents, or 1.37%, to trade at $46.52 a barrel, while heating oil for February delivery slumped 0.03% to trade at $1.632 per gallon.