Natural gas prices extended Thursday's gains into Friday as markets
applauded official data revealing that supplies rose less than expected
last week.
Elsewhere, forecasts for cold weather arriving in late October supported prices as well.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.773 per million British thermal units during U.S. trading, up 1.33%.
The commodity hit a session low of USD3.727 and a high of USD3.784.
The November contract settled up 1.20% at USD3.723 per million British thermal units on Thursday.
Futures were likely to find support at USD3.482 per million British thermal units, the low from Oct. 4 and resistance at USD3.809, the high from Sept. 19.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Oct. 4 rose by 90 billion cubic feet, below market expectations for an increase of 94 billion cubic feet.
Inventories increased by 73 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 84 billion cubic feet.
Total U.S. natural gas storage stood at 3.577 trillion cubic feet as of last week. Stocks were 138 billion cubic feet less than last year at this time and 55 billion cubic feet above the five-year average of 3.522 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 101 billion cubic feet below the five-year average, following net injections of 51 billion cubic feet.
Stocks in the Producing Region were 102 billion cubic feet above the five-year average of 1.086 billion cubic feet after a net injection of 30 billion cubic feet.
Meanwhile, market participants continued to focus on weather forecasts to gauge the strength of demand for the fuel.
While weather forecasting models continued to point to above-average temperatures in the central and eastern U.S. through Oct. 21, below-normal temperatures will settle in afterwards, boosting near-term demand expectations for the fuel.
Demand for natural gas tends to rise at the country's thermal power plants as temperatures fall, as homes and businesses throttle up on their heaters.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 1.52% and trading at USD101.44 a barrel, while heating oil for November delivery were down 1.47% and trading at USD3.0248 per gallon.
Elsewhere, forecasts for cold weather arriving in late October supported prices as well.
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.773 per million British thermal units during U.S. trading, up 1.33%.
The commodity hit a session low of USD3.727 and a high of USD3.784.
The November contract settled up 1.20% at USD3.723 per million British thermal units on Thursday.
Futures were likely to find support at USD3.482 per million British thermal units, the low from Oct. 4 and resistance at USD3.809, the high from Sept. 19.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Oct. 4 rose by 90 billion cubic feet, below market expectations for an increase of 94 billion cubic feet.
Inventories increased by 73 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 84 billion cubic feet.
Total U.S. natural gas storage stood at 3.577 trillion cubic feet as of last week. Stocks were 138 billion cubic feet less than last year at this time and 55 billion cubic feet above the five-year average of 3.522 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 101 billion cubic feet below the five-year average, following net injections of 51 billion cubic feet.
Stocks in the Producing Region were 102 billion cubic feet above the five-year average of 1.086 billion cubic feet after a net injection of 30 billion cubic feet.
Meanwhile, market participants continued to focus on weather forecasts to gauge the strength of demand for the fuel.
While weather forecasting models continued to point to above-average temperatures in the central and eastern U.S. through Oct. 21, below-normal temperatures will settle in afterwards, boosting near-term demand expectations for the fuel.
Demand for natural gas tends to rise at the country's thermal power plants as temperatures fall, as homes and businesses throttle up on their heaters.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 1.52% and trading at USD101.44 a barrel, while heating oil for November delivery were down 1.47% and trading at USD3.0248 per gallon.
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