U.S. natural gas futures rallied more than 3% on Friday, amid
expectations cooler weather in the next ten days will result in
increased demand for the heating fuel.
On the New York Mercantile Exchange, natural gas for delivery in March surged 9.1 cents, or 3.35%, on Friday to settle at $2.804 per million British thermal units by close of trade.
Futures were likely to find support at $2.609 per million British thermal units, the low from February 9, and resistance at $2.883, the high from February 12.
For the week, Nymex natural gas prices rallied 14.5 cents, or 8.72%, the first weekly gain in four weeks and just the second in the past 12 weeks.
Updated weather forecasting models pointed to frigid weather spanning from the Great Lakes-region to the Northeast through February 19.
Colder-than-normal weather will then linger in the mid-Atlantic states through the Ohio Valley from February 20 through the end of the month.
Bullish speculators are betting on the cold weather boosting winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
On Thursday, natural gas lost 8.4 cents, or 3.0%, after a government report showed that U.S. natural gas supplies fell less than forecast last week, underlining concerns over weak demand.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, natural gas for delivery in March surged 9.1 cents, or 3.35%, on Friday to settle at $2.804 per million British thermal units by close of trade.
Futures were likely to find support at $2.609 per million British thermal units, the low from February 9, and resistance at $2.883, the high from February 12.
For the week, Nymex natural gas prices rallied 14.5 cents, or 8.72%, the first weekly gain in four weeks and just the second in the past 12 weeks.
Updated weather forecasting models pointed to frigid weather spanning from the Great Lakes-region to the Northeast through February 19.
Colder-than-normal weather will then linger in the mid-Atlantic states through the Ohio Valley from February 20 through the end of the month.
Bullish speculators are betting on the cold weather boosting winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
On Thursday, natural gas lost 8.4 cents, or 3.0%, after a government report showed that U.S. natural gas supplies fell less than forecast last week, underlining concerns over weak demand.
Read more Click here / www.trade4x.net
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