Investing.com - Natural gas prices rose on Wednesday after updated weather-forecasting models called for warm weather in the near term and potentially chilly temperatures in October.
On the New York Mercantile Exchange, natural gas futures for delivery in November were up 1.63% at $3.932 per million British thermal units during U.S. trading. The commodity hit a session low of $3.846, and a high of $3.936.
The November contract settled down 1.00% on Tuesday to end at $3.869 per million British thermal units.
Natural gas futures were likely to find support at $3.846 per million British thermal units, the session low, and resistance at $3.959, Tuesday's high.
Warmer temperatures in the eastern U.S. could drive demand for air conditioning next week, though cooler temperatures making their appearance in October could hike demand for heating, which sent natural gas prices rising on Wednesday.
Updated weather-forecasting models have come in "warmer for the Midwest and eastern U.S. for the October 3rd northern U.S. weather system. It will still bring cooler Canadian air, just as we were expecting, only slightly further west toward the Rockies instead of the northern Plains," Natgasweather.com reported in its Wednesday midday update.
"However, by the beginning of the second week of October, cooler Canadian air will try and push into the Midwest and Northeast. We will need to watch this very closely as it could get cold enough to start the hype of early winter season cold."
Uncertainty surrounding changing weather patterns typical of this time of year capped the commodity's gains.
Meanwhile, markets kept an eye out for Thursday's weekly supply report.
The U.S. Energy Information Administration said in its report last week that natural gas storage in the U.S. rose by 90 billion cubic feet during the week before.
Injections of gas into storage have surpassed the five-year average for 22 consecutive weeks, alleviating concerns over tightening supplies.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were up 0.79% at $92.28 a barrel, while heating oil for October delivery were down 0.25% at $2.6764 per gallon.