Investing.com - Natural gas futures rose on Friday after updated
weather forecasting models called or warm, summertime temperatures
to settle in across much of the U.S. in the coming days, though
Thursday's bearish supply report continued to weigh on the
On the New York Mercantile Exchange, natural gas futures for
delivery in July traded at $4.709 per million British thermal units
during U.S. trading, up 0.16%. The commodity hit a session high of
$4.726 and a low of $4.680.
The July contract settled up 1.31% on Thursday to end at $4.701
per million British thermal units.
Natural gas futures were likely to find support at $4.576 per
million British thermal units, Wednesday's low, and resistance at
$4.827, the high from May 7.
Updated weather-forecasting models called for above-normal
temperatures to settle in across parts of the U.S. in the coming
week, which should hike demand for air conditioning, though pockets
of milder temperatures forecast for the northeast capped gains as
did Thursday's bearish supply report.
The U.S. Energy Information Administration said in its weekly
report Thursday that natural gas storage in the U.S. in the week
ended May 30 rose by 119 billion cubic feet, above forecasts for an
increase of 116 billion cubic feet.
Total U.S. natural gas storage stood at 1.499 trillion cubic
feet. Stocks were 737 billion cubic feet less than last year at
this time and 896 billion cubic feet below the five-year average of
2.395 trillion cubic feet for this time of year.
Producers would need to add approximately 2.5 trillion cubic
feet to storage by November 1 to meet typical winter demand,
Elsewhere on the NYMEX, light sweet crude oil futures for
delivery in July were down 0.05% at $102.43 a barrel, while heating
oil for July delivery were down 0.37% at $2.8690 per gallon.
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