Natural Gas Climbs a Third Day on Forecasts of Colder WeatherChou Hui Hong
Natural gas futures rose a third day on forecasts of colder-than-usual weather that will stoke demand for the heating fuel.
- Futures gained as much as 3.3 cents, or 1 percent, to $3.432 per million British thermal units in electronic trading today on the New York Mercantile Exchange
- Prices head for highest close since Jan. 25
- Forecasters including Commodity Weather Group LLC said below-normal temperatures will sweep into parts of the Midwest over the next 11 to 15 days. The decline in U.S. gas inventories in the first 13 weeks of this heating season was 34 percent higher than the same period a year ago, when the U.S. was in the middle of the fourth-warmest winter on record
- Gas inventories probably fell by 125 billion cubic feet last week, according to the median of five analyst estimates compiled by Bloomberg. The five-year average decline for the period is 165 billion, according to the Energy Information Administration.
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