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Forex Weekly Outlook
Shunmas, 2013.12.01 12:44
USD/JPY Weekly Outlook: December 2 - 6
USD/JPY hit session highs of 102.61 on Friday, the highest level since May 23 and ended the session at 102.44. For the week, the pair was up 1.06%, the fifth consecutive weekly gain.
The pair was likely to find support at 101.92, Thursday’s low and resistance at 103.00.
The yen remained under heavy selling pressure amid heightened expectations that the BoJ will have to implement further stimulus measures in order to meet its target of 2% inflation by 2015.
On Wednesday, BoJ board member Sayuri Shirai raised doubts over whether the inflation target can be met because of downside risks to growth, adding that the bank was open to taking further steps if growth slows.
In contrast, demand for the dollar continued to be underpinned by expectations that the Federal Reserve will start to taper its USD85 billion-a-month asset purchase program at one of its next few meetings.
The yen slumped to almost five year lows against the euro, withEUR/JPY settling at 139.21, the highest level since June 2009. For the week, the pair jumped 1.46%.
The shared currency was boosted after data showed that the annual rate of inflation in the euro zone rose more-than-expected in November, easing concerns over further rate cuts by the European Central Bank.
Eurostat said the annual rate of consumer inflation rose by 0.9% in November, recovering from a four year low of 0.7% in October. Economists had forecast an annual increase of 0.8%.
Another report showed that the euro zone unemployment rate fell to 12.1% in October, down from 12.2% in September, the first fall since February 2011. However, the youth unemployment rate in the region rose to record high of 24.4% in October.
Sterling ended the week 2.32% higher against the ailing yen, withGBP/JPY settling at 167.74, the highest level since October 2008.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November, for indications on the timing of a possible reduction in Fed stimulus. The U.S. is also to release revised data on third quarter growth.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Japan is to publish data on capital spending, a leading indicator of economic health.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales and the trade balance, the difference in value between imports and exports.
Thursday, December 5
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
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Forex Weekly Outlook
Shunmas, 2013.12.01 12:47
USD/CHF Weekly Outlook: December 2 - 6
USD/CHF ended Friday’s session at 0.9059, up from session lows of 0.9025. For the week, the pair was 0.51% lower.
The pair is likely to find support at 0.8988, the low of October 31 and resistance at 0.9130.
The release of a batch of mixed U.S. economic data on Wednesday did little to alter expectations that the Federal Reserve will start to taper stimulus at one of its next few meetings.
The University of Michigan said its index of overall consumer sentiment was revised up to 75.1 in November from a preliminary estimate of 72.0. Economists had expected the index to be revised up to 73.5.
The report was released two days in advance due to the U.S. Thanksgiving holiday on Thursday.
A separate report showed that manufacturing activity in the Chicago-area expanded at a faster rate than expected in November.
Earlier Wednesday, the Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a two month low of 316,000. Economists had forecast an increase of 4,000.
The jobs data was released one day early due to the U.S. holiday.
The upbeat data offset a report showing that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November, for indications on the timing of a possible reduction in Fed stimulus. The U.S. is also to release revised data on third quarter growth.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Switzerland is to publish the results of its SVME manufacturing PMI.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales and the trade balance, the difference in value between imports and exports.
Thursday, December 5
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The Swiss National Bank is to publish data on its foreign currency reserves. This data is closely scrutinized for indications of the size of the bank’s operations in currency markets. Switzerland is to release data on consumer inflation, which accounts for the majority of overall inflation.
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
Forum
Forex Weekly Outlook
Shunmas, 2013.12.01 13:17
Gold / Silver / Copper Futures Weekly Outlook: December 2 - 6
Prices of the precious metal lost 5.4% in November, the biggest monthly decline since June, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus.
Gold prices have largely tracked shifting expectations as to whether the Fed would start unwinding its USD85-billion-a-month asset-purchase program by the end of the year.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery rose 1.01% on Friday to settle the week at USD1,250.40 a troy ounce.
Comex floor trading remained closed on Thursday for the Thanksgiving Day holiday in the U.S. The February contract ended Wednesday’s session down 0.29% to settle at USD1,237.90 a troy ounce.
Gold futures were likely to find support at USD1,226.40 a troy ounce, the low from November 25 and resistance at USD1,258.20, the high from November 26.
On the week, Comex gold prices added 0.5%, amid indications of increased demand from China and as investors returned to the market to seek cheap valuations after prices tumbled to a four-and-a-half-month low earlier in the week.
Bearish sentiment on the precious metal remained intact after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Prices of the precious metal are down approximately 26% this year, heading for the first annual loss in 13 years.
Elsewhere on the Comex, silver for March delivery settled 1.78% higher on Friday to close the week at USD20.03 a troy ounce, as a weaker dollar and some bargain-buying provided support.
Comex silver prices ended Wednesday’s session down 1.06% at USD19.68 a troy ounce. Silver prices fell to a three-and-a-half-month low of USD19.62 on November 25.
March silver futures inched up 0.84% on the week, but still lost 8.8% in November, the worst monthly performance since June.
Meanwhile, copper for March delivery rose 0.45% on Friday to close the week at USD3.205 a pound, amid expectations of increased demand from top consumer China.
On Wednesday, copper futures shed 0.89% to settle at USD3.190 a pound. On the week, Comex copper prices declined 0.28%, bringing its monthly loss to 2.1% in November.
Data released on Sunday showed that China’s manufacturing purchasing managers' index held steady at an 18-month high of 51.4 in November, compared to forecasts for a decline to 51.1.
Copper traders often use manufacturing numbers as indicators for future copper demand growth, as the industrial metal is widely used by the sector.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Forum
Forex Weekly Outlook
Shunmas, 2013.12.01 13:36
Crude Oil Futures Weekly Outlook: December 2 - 6
Investing.com - New York-traded crude oil futures edged higher in thin trade on Friday, as investors returned to the market to seek cheap valuations after prices fell to a six-month low in the previous session.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January inched up 0.46% on Friday to settle the week at USD92.72 a barrel by close of trade.
Nymex floor trading remained closed on Thursday for the Thanksgiving Day holiday in the U.S.
The January contract tumbled to USD91.77 a barrel on Wednesday, the lowest since June 3, before settling at USD92.30 a barrel, down 1.47%.
Nymex oil futures were likely to find support at USD91.77 a barrel, the low from November 27 and resistance at USD94.69 a barrel, the high from November 26.
On the week, U.S. oil futures lost 2.23%. For November, Nymex crude oil saw a 3.2% monthly loss, as ongoing concerns over rising U.S. inventories and increased production levels weighed.
The U.S. Energy Information Administration reported Wednesday that crude oil inventories last week rose by 3 million barrels to 391.4 million barrels, the most since June.
Domestic output rose to 8.02 million barrels a day, the highest level in almost 25 years.
Concerns that the Federal Reserve will start to taper its bond-buying program at one of its next few meetings also weighed.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Market players are also looking ahead to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week. OPEC is forecast to keep its supply target unchanged at 30 million a day on December 4.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for January delivery fell 1.06% on Friday to settle the week at USD109.69 a barrel.
The January Brent contract lost 1.22% on the week, amid expectations that more Iranian crude will come back to the market after Western powers reached a historic deal with Tehran over its nuclear program on November 24.
Meanwhile, the spread between the Brent and the crude contracts stood at USD16.97 a barrel by close of trade on Friday, narrowing from more than USD19 a barrel on Wednesday.
Despite the weekly decline, London-traded Brent futures still rose 1.4% on the month amid ongoing concerns over a disruption to supplies from Libya.
Data released on Sunday showed that China’s manufacturing purchasing managers' index held steady at an 18-month high of 51.4 in November, compared to forecasts for a decline to 51.1.
China is the world’s second largest oil consuming nation and manufacturing numbers are used as indicators for fuel demand growth.
Grain Futures Weekly Outlook: December 2 - 6
Investing.com - U.S. grain futures ended Friday’s session mixed, with wheat prices rallying to hit a four-week high amid ongoing concerns over crop conditions in key southern hemisphere exporters.
On the Chicago Mercantile Exchange, wheat for March delivery rose 0.79% on Friday to settle the week at USD6.6860 a bushel.
Earlier in the day, wheat prices climbed to a session high of USD6.7060 a bushel, the strongest level since November 4.
Grain markets remained closed on Thursday for the Thanksgiving Day holiday in the U.S. CBOT March wheat prices jumped 1.14% on Wednesday to settle at USD6.6340 a bushel.
The March wheat contract ended the week with a gain of 1.73%, the second consecutive weekly advance.
Wheat prices remained supported as potential production shortfalls in Argentina and Australia boosted expectations demand for U.S. supplies will increase in the near-term.
Elsewhere on the Chicago Board of Trade, soybeans for January delivery rallied 1.25% on Friday to settle the week at USD13.3640 a bushel by close of trade.
Prices of the oilseed rose to USD13.4100 a bushel on Wednesday, the strongest level since September 19.
On the week, the January soybean contract advanced 1.27%.
The U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1.77 million tonnes, well above market expectations.
The USDA also confirmed private sales of 110,000 tonnes of U.S. soybeans to China for delivery in the 2014-15 crop year.
Meanwhile, corn futures for March delivery declined 0.47% on Friday to settle the week at USD4.2440 a bushel. Corn prices fell to a session low of USD4.2160 a bushel earlier, the weakest level since November 22.
The March contract settled 0.41% higher on Wednesday to end at USD4.2640 a bushel.
On the week, the December corn contract lost 1.11%, the fifth weekly decline in six weeks.
Corn prices have been on a downward trend in recent months amid expectations this year’s corn harvest in the U.S. will be the largest on record. Prices of the grain slumped to a four-year low of USD4.1540 a bushel on November 8.
According to the USDA, nearly 95% of the corn harvest was completed as of last week, higher than the five-year average of 91% for this time of year.
In the week ahead, market players will focus on the release of key weekly USDA data, including crop progress numbers on Monday and export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
NZD/USD Weekly Outlook: December 2 - 6
Investing.com - The New Zealand dollar came off the lowest level since September against its U.S. counterpart on Friday, but gains remained limited amid ongoing expectations the Federal Reserve will begin unwinding its stimulus program by the end of the year.
NZD/USD clawed back from 0.8085 on Friday, the pair’s lowest since September 11, to subsequently consolidate at 0.8134 by close of trade, up 0.19% for the day but still 0.63% lower for the week.
The pair is likely to find support at 0.8085, Friday’s low and resistance at 0.8176 the high from November 28.
Demand for the greenback remained underpinned after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Meanwhile, in New Zealand, data released Thursday showed that the ANZ business confidence index rose to a nearly 15-year high of 60.5 this month, from 53.2 in October.
On Wednesday, official data showed that New Zealand's trade deficit narrowed to NZD168 million in October from NZD216 million in September. Analysts had expected the trade deficit to expand to NZD345 million last month.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Monday, December 2
China is to release the final reading of its closely watched HSBC manufacturing PMI. The Asian nation is New Zealand’s second-largest trade partner.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days.
The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales as well as data on the trade balance, the difference in value between imports and exports.
Thursday, December 5
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
AUD/USD Weekly Outlook: December 2 - 6
Investing.com - The Australian dollar bounced off a 12-week low against its U.S. counterpart on Friday, however the greenback remained supported amid expectations the Federal Reserve will start to taper its stimulus program at one of its next few meetings.
AUD/USD clawed back from 0.9056 on Friday, the pair’s lowest since September 4, to subsequently consolidate at 0.9110 by close of trade, up 0.08% on the day but 0.65% lower for the week.
The pair is likely to find support at 0.9036, the low from September 4 and resistance at 0.9148, the high from November 28.
Demand for the greenback remained underpinned after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The Australian dollar came under additional pressure amid speculation the Reserve Bank of Australia will intervene in the foreign-exchange market to weaken the Aussie.
Reserve Bank of Australia Deputy Governor Phillip Lowe said earlier in the week that the threshold for the central bank intervening in the currency market was “fairly high.”
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
The outcome of Tuesday’s RBA policy meeting will also be in focus.
The country was also expected to release a flurry of key economic data in the coming week, including reports on third quarter GDP, retail sales, building approvals and trade figures for October.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Australia is to release data on building approvals, a leading indicator of future construction activity, as well as a report on company operating profits.
China is to release the final reading of its closely watched HSBC manufacturing PMI. The Asian nation is Australia’s largest trade partner.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Tuesday, December 3
Australia is to release data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The nation is also to produce data on the current account.
The RBA is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the bank’s decision.
Wednesday, December 4
Australia is to release data on third quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health.
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days.
The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales as well as data on the trade balance, the difference in value between imports and exports.
Thursday, December 5
Australia is to publish data on the trade balance.
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
USD/CAD Weekly Outlook: December 2 - 6
USD/CAD hit session highs of 1.0627 on Friday, the highest since October 2011, before ending the session at 1.0613. For the week, the pair advanced 0.84%.
The pair is likely to find support at 1.0555 and resistance at 1.0655.
The Canadian dollar initially rose to session highs against the U.S. dollar after official data showed that Canada’s economy grew 0.7% in the third quarter, following growth of 0.4% in the previous quarter.
On a month-over-month basis, the Canadian economy grew 0.3% in September, above expectations for growth of 0.1%.
But the loonie, as the Canadian dollar is also known, gave up gains as demand for the greenback continued to be underpinned by the view that the Federal Reserve could start to unwind its USD85 billion-a-month asset purchase program before the end of the year.
Lower oil prices also pressured the Canadian dollar. Nymex crude oil ended the month down 3.2% at USD92.72 a barrel as ongoing concerns over rising U.S. inventories and increased production levels weighed.
Crude oil is Canada’s largest export and the country’s currency is very sensitive to fluctuations in crude prices.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November, for indications on the timing of a possible reduction in Fed stimulus. The U.S. is also to release revised data on third quarter growth.
The outcome of the Bank of Canada’s latest policy meeting will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Wednesday, December 4
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The Institute of Supply Management is to release its services PMI and the U.S is also to publish data on new home sales.
Both the U.S. and Canada are to release data on the trade balance, the difference in value between imports and exports.
The BoC is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the bank’s decision.
Thursday, December 5
Canada is to publish data on building permits and the Ivey PMI.
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
Canada is to release data on the change in the number of people employed and the unemployment rate.
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
GBP/USD Weekly Outlook: December 2 - 6
Investing.com - The pound rose to 27-month highs against the dollar on Friday after the Bank of England said Thursday it was rolling back stimulus to the U.K. housing market, adding to indications that the economic recovery is deepening.
GBP/USD hit highs of 1.6383, the highest since late August 2011, before ending Friday’s session at 1.6367. The pair ended the week with gains of 1.24%.
Cable is likely to find support at 1.6275, Thursday’s low and resistance at 1.6475.
The BoE announced Thursday that it is modifying its Funding for Lending Scheme, which was launched last year to boost mortgage lending, in response to what it called “evolving risks” to financial stability.
BoE Governor Mark Carney said the Funding for Lending Scheme will no longer be aimed a house buyers and would only apply to businesses from January 2014.
Carney said an overheated housing market would be a risk to the economy and added that supporting mortgage lending was "no longer necessary".
The data came one day after revised data showed that the rate of growth in the U.K. economy in the third quarter was in line with preliminary estimates.
The Office for National Statistics said its second estimate of U.K. third-quarter gross domestic product was unchanged at 0.8% quarter-on-quarter, while the annual rate of growth was also unchanged at 1.5%.
It was the fastest quarterly rate of growth in over three years. Consumer spending rose by 0.8%, the fastest pace since the second quarter of 2010, the ONS said.
The euro slumped to 10-month lows against the pound on Friday, withEUR/GBP ending Friday’s session at 0.8300, the lowest since January. The pair was down 0.82% for the week.
Elsewhere, sterling ended the week at five year highs against the broadly weaker yen, with GBP/JPY settling at 167.74, the highest level since October 2008. For the week, the pair gained 2.32%.
The yen continued to be pressured by expectations that the Bank of Japan will implement further stimulus measures in order to meet its target of 2% inflation by 2015.
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November, amid expectations that the Federal Reserve will start to scale back its stimulus program at one of its next few meetings.
Data on the U.K.’s dominant service sector and the latest rate decision by the BoE will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Federal Reserve Chairman Ben Bernanke is to speak at an event in Washington. Later Monday, the Institute of Supply Management is to release its manufacturing PMI.
Tuesday, December 3
The U.K. is to release its construction PMI.
Wednesday, December 4
The U.K. is also to publish its services PMI, a leading indicator of economic health.
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The Institute of Supply Management is to release its services PMI. The U.S is also to publish data on new home sales and the trade balance, the difference in value between imports and exports.
Thursday, December 5
The BoE is to announce its benchmark interest rate.
The U.S. is to publish a revised estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.
Friday, December 6
The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.
Natural Gas Futures Weekly Outlook: December 2 - 6
On the New York Mercantile Exchange, natural gas futures for delivery in January jumped 1.51% on Friday to settle the week at USD3.954 per million British thermal units.
Nymex gas prices rallied to a session high of USD3.962 per million British thermal units earlier, the strongest level since June 20.
Nymex floor trading remained closed on Thursday for the Thanksgiving Day holiday in the U.S.
The January contract settled 0.8% higher on Wednesday to end at USD3.895 per million British thermal units.
Natural gas futures were likely to find support at USD3.873 per million British thermal units, the low from November 29 and resistance at USD3.982, the high from June 19.
On the week, January natural gas prices rose 3.61%, the fourth consecutive weekly gain.
For November, Nymex natural gas futures saw a 9.2% monthly advance, as bullish speculators bet that colder weather will increase demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Updated weather forecasting models called for chilly temperatures across most parts of the eastern half of the U.S. during the next two weeks.
Industry weather group MDA Federal said it expected a "broad cold pattern" across most parts of the U.S. in its 11-to-15 day forecast.
Upward momentum from Wednesday’s bullish U.S. supply data further boosted prices.
The Energy Information Administration said that natural gas storage in the U.S. fell by 13 billion cubic feet, compared to expectations for a withdrawal of 10 billion cubic feet.
Inventories fell by 2 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 15 billion cubic feet.
Total U.S. natural gas storage stood at 3.776 trillion cubic feet as last week, 2.6% below last year's unusually high level but 0.5% above the five-year average for this time of year.
Elsewhere in the energy complex, light sweet crude oil futures for January delivery settled at USD92.78 a barrel by close of trade on Friday, down 2.23% on the week.
Meanwhile, heating oil for January delivery inched up 0.23% on the week to settle at USD3.032 per gallon by close of trade Friday.