Investing.com - " Natural gas prices rose on Friday after
updated weather forecasting models predicted below-normal
temperatures to stick around over parts of the central and eastern
U.S. longer than once expected.
On the New York Mercantile Exchange, natural gas futures for
delivery in December traded at USD3.580 per million British thermal
units during U.S. trading, up 1.72%.
The commodity hit a session low of USD3.511 and a high of USD3.583.
The December contract settled up 0.60% at USD3.519 per million
British thermal units on Thursday.
Futures were likely to find support at USD3.381 per million British
thermal units, Tuesday's low, and resistance at USD3.619,
Updated weather forecasts called for normal to below-normal
temperatures to stick around through mid-November.
Forecasts came in cooler than previous calls for largely normal to
mild mercury readings issued earlier.
Cooler temperatures hike the need for heating this time of year,
boosting demand for natural gas at the nation's thermal power
Meanwhile, investors continued to digest Thursday's weekly
inventory report, which many saw as positive in late-morning
trading on Friday.
The U.S. Energy Information Administration said in its weekly
report that natural gas storage in the U.S. in the week ending Nov.
1 rose by 35 billion cubic feet, broadly in line with forecasts and
on the bullish end of the spectrum.
Inventories rose by 27 billion cubic feet in the same week a year
earlier, while the five-year average change for the week is a build
of 36 billion cubic feet.
Total U.S. natural gas storage stood at 3.814 trillion cubic feet.
Stocks were 112 billion cubic feet less than last year at this time
and 57 billion cubic feet above the five-year average of 3.757
trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 98 billion
cubic feet below the five-year average, following net injections of
10 billion cubic feet.
Stocks in the Producing Region were 111 billion cubic feet above
the five-year average of 1.174 billion cubic feet after a net
injection of 22 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in December were up 0.27% and trading at USD94.45 a barrel, while
heating oil for December delivery were up 0.62% and trading at
USD2.8568 per gallon.
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