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MTECHTIPS:-Natural gas futures jump to 8-day high as forecasts turn warmer
Wednesday, June 10, 2015 3:31
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MTECHTIPS:-Natural gas futures jump to 8-day high as forecasts turn warmer
U.S. natural gas prices rallied sharply for the second consecutive session on Tuesday, as forecasts for late this week and early next week turned warmer, boosting near-term demand expectations for the heating fuel. On the New York Mercantile Exchange, natural gas for delivery in July hit an intraday peak of $2.767 per million British thermal units, the most since May 28, before trading at $2.752 during U.S. morning hours, up 4.7 cents, or 1.74%. A day earlier, natural gas prices soared 11.5 cents, or 4.44%, to end at $2.705. Futures were likely to find support at $2.581 per million British thermal units, the low from June 5, and resistance at $2.845, the high from May 28. Updated weather forecasting models pointed to warmer-than-normal temperatures across many regions through June 18, boosting early summer cooling demand for the fuel. Forecasts originally called for mild summer weather during the period. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
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