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Natural gas gains as forecasts point to chilly U.S. temperatures

CommoditiesNov 08, 2013 11:48AM ET
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Investing.com - Natural gas prices rose on Friday after updated weather forecasting models predicted below-normal temperatures to stick around over parts of the central and eastern U.S. longer than once expected.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.580 per million British thermal units during U.S. trading, up 1.72%.

The commodity hit a session low of USD3.511 and a high of USD3.583.

The December contract settled up 0.60% at USD3.519 per million British thermal units on Thursday.

Futures were likely to find support at USD3.381 per million British thermal units, Tuesday's low, and resistance at USD3.619, Thursday's high.

Updated weather forecasts called for normal to below-normal temperatures to stick around through mid-November.

Forecasts came in cooler than previous calls for largely normal to mild mercury readings issued earlier.

Cooler temperatures hike the need for heating this time of year, boosting demand for natural gas at the nation's thermal power generators.

Meanwhile, investors continued to digest Thursday's weekly inventory report, which many saw as positive in late-morning trading on Friday.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Nov. 1 rose by 35 billion cubic feet, broadly in line with forecasts and on the bullish end of the spectrum.

Inventories rose by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 36 billion cubic feet.

Total U.S. natural gas storage stood at 3.814 trillion cubic feet. Stocks were 112 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.757 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 98 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet.

Stocks in the Producing Region were 111 billion cubic feet above the five-year average of 1.174 billion cubic feet after a net injection of 22 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were up 0.27% and trading at USD94.45 a barrel, while heating oil for December delivery were up 0.62% and trading at USD2.8568 per gallon.








Natural gas gains as forecasts point to chilly U.S. temperatures
 

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