Natural Gas Futures Fluctuate on Outlook for Moderating WeatherChristine Buurma
Natural gas futures fluctuated in New York as forecasts showed milder weather later this month that would curb consumption of the heating fuel.
Gas moved between gains and losses as WSI Corp. in Andover, Massachusetts, predicted mostly normal or higher-than-average temperatures in the lower-48 states from Dec. 14 through Dec. 18. The low in New York on Dec. 14 may be 37 degrees Fahrenheit (3 Celsius), 5 more than usual, according to AccuWeather Inc. in State College, Pennsylvania.
“The longer-term forecast is looking a little bit milder for the rest of December into January,” said Dominick Chirichella, senior partner at the Energy Management Institute in New York. “The market is going to struggle to move significantly higher.”
Natural gas for January delivery fell 0.1 cent to $3.975 per million British thermal units at 11:28 a.m. on the New York Mercantile Exchange. Trading volume was 13 percent below the 100-day average. Prices are up 19 percent from a year ago.