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MTECHTIPS:-Natural Gas Futures Bounce Back on Hopes for Strong Winter Demand

Wednesday, October 18, 2017 0:06

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MTECHTIPS:-Natural Gas Futures Bounce Back on Hopes for Strong Winter Demand

MTECHTIPS-U.S. natural gas futures bounced back from the prior session’s losses on Tuesday, as hopes for higher heating demand this winter than in the past two winters provided support. In their latest forecasts, meteorologists at the U.S. National Oceanic and Atmospheric Administration (NOVA) predicted temperatures from November through March would be 13% colder than last winter and close to the average of the previous 10 years. Traders were optimistic that colder weather would boost heating demand this winter over the prior two snow seasons, which were among the warmest on record. U.S. natural gas for November delivery jumped 4.5 cents, or around 1.6%, to $2.994 per million British thermal units by 9:00 AM ET (1300 GMT). Futures slumped 5.4 cents, or 1.8%, on Monday as traders reacted to forecasts showing a return to mild weather in the eastern U.S. following last week’s cold spell. Gas futures often reach a seasonal low in October, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a build in a range between 52 and 62 billion cubic feet (bcf) in the week ended October 13. That compares with a gain of 87 bcf in the preceding week, a build of 77 billion a year earlier and a five-year average rise of 78 bcf

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