Investing.com - U.S. natural gas futures rose to the highest level in more than a week on Monday, as forecasts for chilly temperatures across key consumption regions of the U.S. in the week ahead boosted demand expectations for the fuel.
Natural gas for delivery in November on the New York Mercantile Exchange tacked on 1.7 cents, or 0.68%, to trade at $2.519 per million British thermal units during U.S. morning hours. On Friday, natural gas futures inched up 0.4 cents, or 0.16%.
There will be no floor trading on the Nymex on Monday because of the Columbus Day holiday in the U.S. All electronic transactions will be booked with Tuesday's trades for settlement.
Heating demand for the fuel was likely to increase in the near-term after meteorologists predicted below-normal temperatures throughout the East Coast from October 17 to October 21.
According to the Energy Information Administration, natural gas storage in the U.S. increased by 95 billion cubic feet last week, compared to forecasts for a gain of 98 billion cubic feet.
Total U.S. natural gas storage stood at 3,633 bcf the EIA said. Stocks were 443 bcf higher than last year at this time and 155 bcf above the five-year average of 3,478 bcf for this time of year.
Elsewhere on the Nymex, crude oil for delivery in November shed 73 cents, or 1.47%, to trade at $48.90 a barrel, while heating oil for November delivery tumbled 1.39% to trade at $1.568 per gallon.