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.