NEW YORK: US natural gas futures edged up about 1% on Friday on forecasts for warmer-than-normal weather in early October that should prompt power generators to burn more gas to keep air conditioners humming.
Prices were also up with exports to Mexico on track to hit a record high in September and as the amount of gas flowing to US liquefied natural gas (LNG) export plants rises as Cheniere Energy’s Sabine Pass plant in Louisiana pulls in more fuel.
Capping those gas price gains were expectations that Tropical Storm Ophelia will knock out power after it hits North Carolina and Virginia this weekend, reducing the amount of gas electric generators need to burn to keep the lights on.
Front-month gas futures for October delivery on the New York Mercantile Exchange rose 2.7 cents, or 1.0%, to settle at $2.637 per million British thermal units.
For the week, the front-month was down less than 1% after rising about 1% last week.
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