Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Natural gas prices climb on U.S. warming trend, tropical storm potential

Published 09/03/2013, 12:17 PM
Updated 09/03/2013, 12:18 PM

Investing.com - Natural gas prices shot up on Tuesday after updated weather forecasting models pointing to warmer weather settling in over the U.S. Midwest, while the potential for tropical storm development in the southern Gulf of Mexico boosted prices as well.

On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.650 per million British thermal units during U.S. trading, up 1.91%. The October contract settled down 1.02% at USD3.581 per million British thermal units on Friday.

The commodity hit a session low of USD3.641 and a high of USD3.683.

Above-normal temperatures should make their appearance across the U.S. Midwest through mid-September, while the northeastern U.S. could see rising mercury readings as well.

Demand for natural gas tends to rise amid heat waves, as homes and businesses throttle up their air conditioners.

Recent weather reports called for milder temperatures across the eastern U.S., which allowed prices to fall in past sessions.

Elsewhere, the U.S. National Hurricane Center said it was tracking three low-pressure systems in the Atlantic basin, one of which showed some potential of developing in the Gulf of Mexico, home to 10% of U.S. natural gas production..

Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October were up 0.52% and trading at USD108.21 a barrel, while heating oil for October delivery were up 0.51% and trading at USD3.1526 per gallon.








Latest comments

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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.