Natural gas rises from 34-month low on lingering heating demand
.jpg)
By Bloomberg
Natural gas futures climbed from a 34-month low in New York as late-spring cold stoked demand for the heating fuel.
Temperatures may be below normal in parts of the Midwest, South and Northeast through May 2, according to MDA Weather Services in Gaithersburg, Maryland. Futures slumped to $2.49 per million British thermal units on Monday, the lowest settlement since June 15, 2012.
“Temperatures in the Midwest are still cooler than they should be for this time of year,” said Phil Flynn, a senior market analyst at Price Futures Group in Chicago. “We’re getting a little bit of support after yesterday’s selloff.”
Natural gas for May delivery rose 0.9 cent to $2.499 per million British thermal units at 9 a.m. on the New York Mercantile Exchange. Volume for all futures traded was 25 percent below the 100-day average. Prices are down 14 percent this year.
The May contract expires today. The more actively traded June contract advanced 1.4 cents to $2.528 per million Btu.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!