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MTECHTIPS:-U.S. natural gas rebounds after sharp falls last week

Tuesday, November 8, 2016 2:47

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MTECHTIPS:-U.S. natural gas rebounds after sharp falls 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 rose 4.9 cents, or 1.77%, to $2.816 per million British thermal units by 10:20 AM ET (15:20 MT), after jumping to $2.876 in early trade. Updated weather forecasting models revealed that a strong cold blast with rain and snow will arrive into the eastern U.S. by next week for the first relatively cold Fall-like weather system this year. Natural gas futures lost nearly 11% last week as warmer-than-average weather in key gas-consuming regions in the U.S. ignited speculation that a mild winter will curtail demand for the heating fuel and leave a glut of it in storage, weighing on prices next year. 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 51 and 61 billion cubic feet in the week ended November 4. That compares with a gain of 54 billion cubic feet in the preceding week, 54 billion a year earlier and a five-year average build of 38 billion cubic feet.

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