Investing.com - Investing.com - Natural gas prices shot up on Tuesday on expectations that cool weather in place over the U.S. will drive demand for heating, while hopes for a bearish supply report on Thursday boosted the commodity as well.
On the New York Mercantile Exchange, natural gas futures for delivery in December were up 2.85% at $4.162 per million British thermal units during U.S. trading. The commodity hit a session low of $4.029, and a high of $4.169.
The December contract settled up 4.47% on Monday to end at $4.046 per million British thermal units.
Natural gas futures were likely to find support at $3.620 per million British thermal units, last Tuesday's low, and resistance at $4.184, the high from Oct. 1.
Cool weather currently settled over the eastern U.S. will give way to milder temperatures in the coming days, but reinforcing blasts of cold air kept natural gas prices elevated on sentiments that the heating season is gearing up with each shot of falling mercury readings.
"The initial one will bring heavy showers along the cold front, with areas of light snow and slightly cooler than normal temperatures behind it. A stronger cold blast will follow Saturday into Sunday with near or sub-freezing temperatures pushing through the Midwest and into the Tennessee Valley, although the amount of precipitation will be limited until strengthening off the Northeast coast Sunday," Natgasweather.com reported in its Tuesday midday update.
"The strongest cold blast will occur next week as an Arctic air mass pushes into southern Canada and the far northern U.S. Sub-freezing temperatures will likely struggle to push further south than the Ohio Valley, but areas to the north will see very cold overnight lows as temperatures drop into the teens, with single digits near the Canadian border."
Meanwhile, the U.S. Energy Information Administration's next storage report slated for release on Thursday is expected to show an increase of 80 billion cubic feet for the week ending Oct. 31.
Inventories rose by 35 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 42 billion cubic feet.
Natural gas storage in the U.S. rose by 87 billion cubic feet last week.
Injections of gas into storage have surpassed the five-year average for 28 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 3.480 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 8.2% from 9.1% in the preceding week and from a record 54.7% at the end of March.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 2.35% at $76.93 a barrel, while heating oil for December delivery were down 1.76% at $2.4461 per gallon.
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