Investing.com - U.S. natural gas prices swung between gains and losses in choppy trade on Wednesday, as market players continued to assess the outlook for U.S. demand and supply levels.
On the New York Mercantile Exchange, natural gas for delivery in February tacked on 2.4 cents, or 0.82%, to trade at $2.962 per million British thermal units during U.S. morning hours. Prices traded in a range between $2.913 and $2.989.
A day earlier, natural gas rallied 5.6 cents, or 1.94%, to settle at $2.938.
Futures were likely to find support at $2.805 per million British thermal units, the low from January 2, and resistance at $3.176, the high from January 5.
Updated weather forecast models continued to call for frigid temperatures in the key Northeast and Midwest markets in the next three-to-five days, boosting near-term demand expectations for the heating fuel.
However, extended forecasts showed higher readings were expected for most of the nation from January 16 through January 20.
Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on winter heating demand.
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 drop of 133 billion cubic feet for the week ending January 2.
Total U.S. natural gas storage stood at 3.220 trillion cubic feet, 2.5% below year-ago levels and 7.8% below the five-year average for this time of year.
Elsewhere on the Nymex, crude oil for delivery in February jumped 77 cents, or 1.61%, to trade at $48.70 a barrel, while heating oil for February delivery slumped 1.24% to trade at $1.706 per gallon.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Natural gas futures waver as traders weigh shifting weather forecasts
Published 01/07/2015, 09:52 AM
Natural gas futures waver as traders weigh shifting weather forecasts
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.
Latest comments
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.