Saturday, 05 January 2013 03:19
NEW YORK: US spot natural gas prices rose at nearly every point on Friday as some cold weather lingered and traders covered short positions following two straight days of declines.
Gas for delivery through Monday at the benchmark Henry Hub supply point in Louisiana rose by 1 cent to $3.20 per million British thermal units (mmBtu), after falling 11 cents on Thursday. Late trades on Friday were at a discount of 6 cents to futures, down from 3 cents on Wednesday.
Cash prices had fallen over the last two sessions as the prospect of milder weather next week was expected to temper heating demand across the eastern half of the nation.
"This is a little short-covering rally like the one we are seeing in futures today," said Dominick Chirichella, a senior partner at the Energy Management Institute in New York.
NYMEX natural gas futures posted their first gain in four sessions after government storage ...