Investing.com - Natural gas futures traded near a four-month high on Tuesday, as forecasts showing colder-than-normal temperatures across much of the U.S. starting in late-October continued to support prices.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.826 per million British thermal units during U.S. morning trade, up 0.15%.
Nymex gas price rose by as much as 0.9% earlier in the session to hit a daily high of USD3.855 per million British thermal units, the strongest level since June 21.
The November contract settled 1.17% higher at USD3.820 per million British thermal units on Monday.
Nymex gas futures were likely to find support at USD3.738 per million British thermal units, the low from October 11 and resistance at USD3.903, the high from June 21.
Natural gas prices have been well-supported in recent sessions, gaining nearly 9.5% since October 4, as extended weather forecasting models pointed to colder-than-average temperatures across most parts of the U.S. later this month.
Bullish speculators are betting that the cool weather will increase early-winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
Meanwhile, U.S. supply levels also remained in focus. Total U.S. natural gas storage stood at 3.577 trillion cubic feet as of last week, 3.7% below last year's unusually high level but 1.6% above the five-year average for this time of year.
The U.S. Energy Information Administration said last week that it will halt the release of its weekly natural gas inventory data due to the U.S. government shutdown.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November fell 0.4% to trade at USD102.00 a barrel, while heating oil for November delivery dipped 0.1% to trade at USD3.029 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.826 per million British thermal units during U.S. morning trade, up 0.15%.
Nymex gas price rose by as much as 0.9% earlier in the session to hit a daily high of USD3.855 per million British thermal units, the strongest level since June 21.
The November contract settled 1.17% higher at USD3.820 per million British thermal units on Monday.
Nymex gas futures were likely to find support at USD3.738 per million British thermal units, the low from October 11 and resistance at USD3.903, the high from June 21.
Natural gas prices have been well-supported in recent sessions, gaining nearly 9.5% since October 4, as extended weather forecasting models pointed to colder-than-average temperatures across most parts of the U.S. later this month.
Bullish speculators are betting that the cool weather will increase early-winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
Meanwhile, U.S. supply levels also remained in focus. Total U.S. natural gas storage stood at 3.577 trillion cubic feet as of last week, 3.7% below last year's unusually high level but 1.6% above the five-year average for this time of year.
The U.S. Energy Information Administration said last week that it will halt the release of its weekly natural gas inventory data due to the U.S. government shutdown.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November fell 0.4% to trade at USD102.00 a barrel, while heating oil for November delivery dipped 0.1% to trade at USD3.029 per gallon.