NEW YORK: US natural gas futures climbed to a more than two-month high on Tuesday, supported by forecasts that warmer-than-normal weather will persist through mid-October, which is expected to keep demand elevated.
Front-month, gas futures for November delivery on the New York Mercantile Exchange were up 4.7 cents, or 1.4percent to USD3.31 per million British thermal units (mmBtu) as of 9:42 a.m. ET, its highest level since July 21. The contract was up about 10percent for the month so far. “We did have some weather models that are trending more supportive... So, that’s indicating that we should see some higher power burns, the higher demand with the flat supply should reduce the amount of storage injections,” said Robert DiDona, president of Energy Ventures Analysis.