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MTECHTIPS:-U.S. natural gas rebounds 5% after sizable losses last week

Tuesday, November 15, 2016 2:51
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MTECHTIPS:-U.S. natural gas rebounds 5% after sizable losses last week



MTECHTIPS- U.S. natural gas futures pushed higher on Monday, bouncing back from sharp falls last week as market players looked ahead to cold weather forecast in key gas-consuming regions in the U.S. which should boost demand for the heating fuel. Natural gas for December delivery on the New York Mercantile Exchange jumped 13.0 cents, or 4.96%, to $2.749 per million British thermal units by 10:10 AM ET (15:10 GMT), after rallying to $2.752 in early trade. Updated forecasting models showed a weather system pushing into the western U.S. later this week, which will then track toward the eastern U.S. next weekend, bringing rain, snow, and cooler than normal temperatures along with it. That prompted traders to close out bets on lower prices, a move known as short-covering. Natural gas futures lost more than 5% last week and are down nearly 10% so far this month as a mild start to the winter heating season added to concerns over a deepening supply glut. Gas futures often reach a seasonal low in October, when mild weather reduces demand, before recovering in the winter, when heating-fuel use peaks. Meanwhile, market participants awaited weekly supply data due on Thursday, which is expected to show a build in a range between 21 and 30 billion cubic feet in the week ended November 11. That compares with a gain of 54 billion cubic feet in the preceding week, 15 billion a year earlier and a five-year average build of 3 billion cubic feet

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