U.S. Gas Rises on Forecasts of Below-Normal Gain in Inventories
Natural gas climbed for a fifth day in New York, the longest run of gains since July 24, on speculation a government report this week will show a smaller- than-normal increase in stockpiles.
Gas for October delivery rose as much as 1.5 cents, or 0.5 percent, to $2.869 per million British thermal units in electronic trading on the New York Mercantile exchange. It was at $2.86 per million Btu at 10:27 a.m. Tokyo time.
Stockpiles probably rose 38 billion cubic feet in the week ended Aug. 31, according to Tim Evans, an energy analyst at Citi Futures Perspective in New York, before tomorrow’s Energy Department report. The five-year average change is a gain of 60 billion. A surplus of the fuel has been declining since March.
Futures rose 5.5 cents to settle at $2.854 per million British thermal units yesterday in New York. Gas has climbed 9.4 percent from a two-month low of $2.614 on Aug. 28.
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