Natural gas gains as U.S. weather forecasts heat up

Natural gas gains as U.S. weather forecasts heat up

Investing.com - Investing.com - Natural gas prices rose on Monday after updated weather-forecasting models called for seasonably warm temperatures across the southern U.S., which should boost demand for air conditioning.

On the New York Mercantile Exchange, natural gas futures for delivery in October were up 1.44% at $3.913 per million British thermal units during U.S. trading. The commodity hit a session low of $3.840, and a high of $3.952.

The October contract settled up 0.89% on Friday to end at $3.857 per million British thermal units.

Natural gas futures were likely to find support at $3.786 per million British thermal units, Friday's low, and resistance at $4.016, last Tuesday's high.

Updated weather forecasting models pointed to rising temperatures across most of the southern U.S. states in the next three to five days, likely boosting demand for air conditioning.

Still, prices came off earlier highs on concerns that temperatures will moderate in the coming two weeks.

"Overall, we see very comfortable weather patterns for the rest of the month, with the only real potential disruption to national prices being from a weather system around 10 days out that will affect the Midwest and Northeast with a quick couple day cool down," Natgasweather.com reported in its Monday midday update.

Reports of a pipeline explosion feeding the Henry Hub system pushed up prices as well, though gains from the incident were also seen as short-lived.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were up 0.27% at $91.62 a barrel, while heating oil for October delivery were up 0.13% at $2.7441 per gallon.

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