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Natural gas futures rally 2% with tropical storm activity in focus

CommoditiesOct 01, 2013 10:47AM ET
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Investing.com - Natural gas futures rallied sharply to hit a one-week high on Tuesday, as investors monitored tropical storm activity in the Gulf of Mexico, amid concerns over a disruption to supplies from the region.

On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.635 per million British thermal units during U.S. morning trade, up 2.1%.

Nymex gas prices rose by as much as 2.2% earlier in the session to hit a daily high of USD3.650 per million British thermal units, the strongest level since September 24.

The November contract settled 0.8% lower at USD3.560 per million British thermal units on Monday.

Nymex gas futures were likely to find support at USD3.463 per million British thermal units, the low from September 26 and resistance at USD3.692, the high from September 24.

Tropical Storm Jerry strengthened over the central Atlantic Ocean Monday night, as its maximum sustained winds increased to 50 miles per hour.

The U.S. National Hurricane Center was also watching a second area of disturbed weather, located over the central and southwest Caribbean Sea.

Meanwhile, forecasts showing mild temperatures across much of the U.S. through mid-October limited gains.

Updated weather forecasting models pointed to mostly normal to below-normal temperatures across most parts of the U.S. Northeast and Midwest for the next 10-to-14 days.

Demand for natural gas tends to fluctuate in the autumn based on cold weather and heating demand.

U.S. supply levels also remained in focus. Total U.S. natural gas storage stood at 3.386 trillion cubic feet as of last week, nearly 1% above the five-year average for the same week and approximately 5% below last year's unusually high level.

Early injection estimates for this Thursday’s storage data range from 82 billion cubic feet to 100 billion cubic feet, compared to a 77 billion cubic feet increase during the same week a year earlier.

The five-year average for the week is a build of 82 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November fell 0.9% to trade at USD101.40 a barrel, while heating oil for November delivery lost 1.05% to trade at USD2.940 per gallon.

Natural gas futures rally 2% with tropical storm activity in focus
 

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