Natural gas futures gained for a third day in New York on forecasts for colder-than-normal weather that would stoke demand for the heating fuel.
Gas climbed as much as 2.7 percent as MDA Weather Services in Gaithersburg, Maryland, said temperatures may be below-average in the eastern half of the U.S. through Nov. 16. The low in New York on Nov. 14 may be 32 degrees Fahrenheit (0 Celsius), 10 less than usual, according to AccuWeather Inc. in State College, Pennsylvania.
“It seems like there’s going to be more heating demand coming down the line,” said Victor Zevallos, an energy trader at FCStone Latin America LLC in Miami. “The forecasts are looking pretty cold for the next couple of weeks.”
Natural gas for December delivery rose 10.1 cents, or 2.9 percent, to $3.599 per million British thermal units at 9:03 a.m. on the New York Mercantile Exchange. Trading volume was more than double the average for the time of day. Prices have climbed 7.4 percent this year.
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