Natural Gas Futures Gain Fourth Day on Cold Weather in U.S. East
Natural gas rose for a fourth day in New York on forecasts for colder-than-normal weather in the eastern U.S. that may boost demand for heating.
Futures for December delivery gained as much as 0.7 percent to $3.542 per million British thermal units in electronic trading on the New York Mercantile Exchange, and were at $3.538 at 11:48 a.m. Singapore time. The volume of all futures traded was about 45 percent less than the 100-day average. The contract climbed 0.6 percent to $3.519 yesterday and is up 0.7 percent this week, set to snap a three-week losing streak.
Temperatures may be below average in the eastern half of the U.S. through Nov. 16, according to MDA Weather Services in Gaithersburg, Maryland.
The low in New York on Nov. 14 may be 32 degrees Fahrenheit (0 Celsius), 10 degrees less than usual, said AccuWeather Inc. in State College, Pennsylvania. The temperature in Chicago may fall to 23 degrees, 12 degrees below the average low. About 49 percent of U.S. households use natural gas for heating, according to the Energy Information Administration, the Energy Department’s statistical arm.
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