Investing.com - U.S. natural gas futures rose to a one-week high
on Friday before turning lower as a break in the cold to milder
weather prompted investors to cash out of the market to lock in
On the New York Mercantile Exchange, natural gas futures for
delivery in March rose to a session high of USD5.389 per million
British thermal units, the most since February 6, before erasing
gains to settle at USD5.214, down 0.17%.
The March contract soared 8.32% on Thursday to settle at
USD5.223 per million British thermal units.
Natural gas futures were likely to find support at USD4.818 per
million British thermal units, the low from February 13 and
resistance at USD5.389, the high from February 14.
On the week, Nymex natural gas prices surged 8.41%, the first
weekly gain in three weeks.
Natural gas futures were pressured on Friday after updated
weather forecasting models pointed to moderating temperatures that
would curb demand for the heating fuel.
Temperatures are expected to warm following the arctic chill
that settled through most of the nation during the first half of
The heating season from November through March is the peak
demand period for U.S. gas consumption. Approximately 52% of U.S.
households use natural gas for heating, according to the Energy
Prices rallied on Thursday after the U.S. Energy Information
Administration said that natural gas supplies dropped by 237
billion cubic feet last week, compared to expectations for a
decline of 233 billion cubic feet.
Total U.S. natural gas storage stood at 1.686 trillion cubic
feet as of last week, the lowest for this time of year since
Natural-gas inventories have fallen sharply since November as
frigid winter temperatures in the U.S. led households to burn a
higher than normal amount of the fuel in furnaces to heat their
Early withdrawal estimates for this week's storage data range
from 212 billion cubic feet to 240 billion cubic feet.
Data from the Commodities Futures Trading Commission released
Friday showed that hedge funds and money managers increased their
bullish bets in natural gas futures in the week ending February
Net longs totaled 163,943 contracts, up 7.6% from net longs of
151,338 in the previous week.
Elsewhere in the energy complex, light sweet crude oil futures
for April delivery settled at USD100.13 a barrel by close of trade
on Friday, up 0.24% on the week.
Meanwhile, heating oil for March delivery picked up 0.74% on the
week to settle at USD3.071 per gallon by close of trade Friday.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App