U.S. Natural Gas Futures Extend Gain on Warmer Weather Outlook
Natural gas futures rose a second day in New York amid forecasts for warmer-than-average weather that would increase demand for the power-plant fuel. Gas for August delivery rose as much as 1.2 percent to $3.689 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.656 as of 11:20 a.m. in Singapore. The contract rose 0.9 percent July 12 to settle at $3.644. Temperatures will be above normal in the Northeast and Great Lakes region from July 17 through July 21, according to WSI Corp. in Andover, Massachusetts. The high in New York on July 17 may be 93 degrees Fahrenheit (34 Celsius), 9 higher than usual, according to AccuWeather Inc. in State College, Pennsylvania. Power generation accounts for 32 percent of U.S. gas demand, according to the Energy Information Administration, the Energy Department’s statistical arm.
PGS Price at posting:
2.5¢ Sentiment: LT Buy Disclosure: Held
