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Natural Gas Rises for Second Day on Colder-Than-Normal Forecasts

Nov. 6 (Bloomberg) -- Natural gas rose for a second day in New York on forecasts for colder-than-normal weather in the U.S. that may boost demand for heating.

Futures for December delivery gained as much as 0.9 percent to $3.496 per million British thermal units in electronic trading on the New York Mercantile Exchange, and was at $3.49 at 11:44 a.m. Singapore time. The volume of all futures traded was about 44 percent less than the 100-day average. The contract climbed 0.6 percent to $3.466 yesterday, snapping a three-day losing streak.

Temperatures may be below-normal on the East Coast and in parts of the Midwest through Nov. 9 before moderating next week, according to MDA Weather Services in Gaithersburg, Maryland. The low in Boston on Nov. 8 may be 36 degrees Fahrenheit (2 Celsius), 4 less than usual, said AccuWeather Inc. in State College, Pennsylvania.

The low in Cleveland on Nov. 8 may be 35 degrees Fahrenheit, 7 less than usual, 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 chong43@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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