Natural gas rose for a third day in New York, advancing from a five-week high, on speculation that forecasts for below-normal temperatures in the U.S. will increase demand for heating fuel.
Futures for December delivery, which expires tomorrow, jumped as much as 2.1 percent to $3.846 per million British thermal units in electronic trading on the New York Mercantile Exchange and were $3.846 at 11:29 a.m. Singapore time. Prices settled on Nov. 22 at $3.768, the highest since Oct. 16. The more-actively traded January contract rose 78 cents to $3.889.
Commodity Weather Group LLC in Bethesda, Maryland, said Nov. 22 the weather would be colder than average in the eastern U.S. through Dec. 1. The low in Boston on Nov. 29 may be 21 degrees Fahrenheit (minus 6 Celsius), 13 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
The Nov. 29 low in Chicago may be 23 degrees Fahrenheit, 5 less than average, AccuWeather data show. About 49 percent of U.S. households use gas for heating, according to the Energy Information Administration, the Energy Department’s statistical arm.
To contact the reporter on this story: Chou Hui Hong in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Alexander Kwiatkowski at email@example.com