Natural gas gains as forecasts extend cold snap duration - Natural gas prices jumped up on Friday after updated weather forecasting models said below-normal temperatures currently in place over much of the central and eastern U.S. may stick around a little longer than previously predicted. On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.675 per million British thermal units during U.S. trading, up 1.25%. The commodity hit a session low of USD3.594 and a high of USD3.684. The November contract settled up 0.28% at USD3.629 per million British thermal units on Thursday. Futures were likely to find support at USD3.557 per million British thermal units, Thursday’s low, and resistance at USD3.869, the high from Oct. 16. Near-term weather forecasts indicated earlier that below-normal temperatures across much of the eastern half of the U.S. may stick around until early November for parts of the Midwest as opposed to late October as previously forecast, which sparked a rally in natural gas markets.Read More Info Visit Here - commoditytips.org.in/2013/10/natural-gas-gains-as-forecasts-extend-cold-snap-duration/
Posted on: Sat, 26 Oct 2013 06:23:06 +0000
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