Natural gas futures rose on Wednesday as weather services called for typical warm summertime temperatures to return over much of the central and eastern U.S.
On the New York Mercantile Exchange, August natural gas futures ended at $4.580 per million British thermal units during U.S. trading, up 0.52%, with a session high of $4.606 and a low of $4.533.
The August contract settled up 1.97% on Tuesday to end at $4.556 per million British thermal units.
Natural gas futures were likely to find support at $4.453 per million British thermal units, Tuesday's low, and resistance at $4.784, the high from June 18.
Natural gas prices fell in recently on expectations for cooler weather to prompt households to decrease consumption of gas-fired electricity to power air conditioning.
Natural
gas futures rose on Wednesday as weather services called for typical
warm summertime temperatures to return over much of the central and
eastern U.S.
On the New York Mercantile Exchange, August
natural gas futures ended at $4.580 per million British thermal units
during U.S. trading, up 0.52%, with a session high of $4.606 and a
low of $4.533.
The August contract settled up 1.97% on
Tuesday to end at $4.556 per million British thermal units.
Natural
gas futures were likely to find support at $4.453 per million British
thermal units, Tuesday's low, and resistance at $4.784, the high from
June 18.
Natural gas prices fell in recently on expectations
for cooler weather to prompt households to decrease consumption of
gas-fired electricity to power air conditioning.
Meanwhile,
market players kept an eye out for Thursday's weekly supply
report.
Early injection estimates range from 93 billion cubic
feet to 101 billion cubic feet. The five-year average build for the
week is 81 billion.
Total U.S. natural gas storage stood at
1.719 trillion cubic feet as of last week, 29.1% below their level
this time last year and 33.1% below the five-year average.
Utilities
added 113 billion cubic feet of gas into storage last week, above
forecasts for an increase of 110 billion cubic feet.
Natural
gas stockpiles have grown by more than 100 billion cubic feet for six
consecutive weeks, a record streak since 1994.
Producers would
need to add approximately 2.6 trillion cubic feet to storage by
November 1 to meet typical winter demand, according to
analysts.
Elsewhere on the NYMEX, light sweet crude oil
futures for delivery in August were up 0.42% at $106.48 a barrel,
while heating oil for August delivery were down 0.39% at $3.0372 per
gallon.
