Natural gas gained for the first time in three days in New York as a shot of cold air stoked consumption of the heating fuel.
Gas rose as much as 1.3 percent as a cold front that brought snow to Chicago yesterday swept eastwards, according to the National Weather Service. Forecasters predicted below-normal readings across central and eastern states through April 19. U.S. gas inventories fell to an 11-year low last month as a frigid winter spurred record fuel use, government data show.
“There’s still some heating demand and it’s stalling the injections we are going to need to have for next winter,” said Tom Saal, senior vice president of energy trading at FCStone Latin America LLC in Miami. “We already got an injection, but it was low and we are going to need some pretty hefty ones.”
Natural gas for May delivery rose 3.1 cents, or 0.7 percent, to $4.591 per million British thermal units at 9:27 a.m. on the New York Mercantile Exchange. Volume for all futures traded was 20 percent below the 100-day average. Gas has gained 8.5 percent this year.
To contact the reporter on this story: Naureen S. Malik in New York at email@example.com