Investing.com - Natural gas prices rose on Monday after weather
forecasting models called for rising temperatures in the western
U.S. and falling temperatures in the northeastern portions of the
On the New York Mercantile Exchange, natural gas futures for
delivery in June traded at USD3.943 per million British thermal
units, up 0.86%.
The commodity hit a session low of USD3.886 and a high of USD3.977.
Hot weather in the southwestern U.S. should ramp up demand for air
conditioning, while colder-than-normal temperatures settling in for
the heavily populated northeastern U.S. should prompt businesses
and households to crank up the heat.
Both weather patterns allow naturals gas prices to rise and offset
bearish supply data released late last week.
On Thursday, the U.S. Energy Information Administration said in its
weekly report that natural gas storage in the U.S. in the week
ended May 3 rose by 88 billion cubic feet, above expectations for
an increase of 83 billion cubic feet.
Inventories rose by 30 billion cubic feet in the same week a year
earlier, while the five-year average change for the week is a rise
of 69 billion cubic feet.
Total U.S. natural gas storage stood at 1.865 trillion cubic feet
as of last week. Stocks were 737 billion cubic feet less than last
year at this time and 99 billion cubic feet below the five-year
average of 1.964 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 109 billion
cubic feet below the five-year average, following net injections of
52 billion cubic feet.
Stocks in the Producing Region were 40 billion cubic feet below the
five-year average of 805 billion cubic feet after a net injection
of 31 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery
in June were down 0.93% and trading at USD95.15 a barrel, while
heating oil futures for June delivery were down 0.22% at USD2.8998
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