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NYMEX NG Ups 6% On Colder Weather Forecast

18 Feb 2020 9:08 pm
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Mumbai (Commodities Control) – U.S. natural gas futures jumped over 6% on Tuesday to the highest in more than three weeks, as weather forecasts projected the temperature to be cooler than previously expected.

Front-month gas futures for March delivery on the New York Mercantile Exchange rose 12 cents, or 6.5%, to $1.957 per million British thermal units (mmBtu) at 9:40 a.m. EST (1440 GMT). This is its highest since Jan. 27.

It was on track for its highest daily percentage rise since Jan. 14, 2019.

"This market is receiving about a 6% lift from some weekend adjustments to the short-term temperature views suggestive of much colder and more broad based patterns than had been anticipated," Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report.

Meteorologists projected weather in the Lower 48 U.S. states will turn colder than normal during Feb. 19-21 and Feb. 27 – March 4. That is colder than Sunday's outlook.

Since hitting an eight-month high of $2.905 per mmBtu in early November, futures have collapsed about 32% as record production and mild weather enabled utilities to leave more gas in storage, making shortages and price spikes unlikely.

Refinitiv, a data provider, projected average demand in the Lower 48, including exports, would jump from 122.1 billion cubic feet per day (bcfd) last week to 123.6 bcfd this week, before falling to 120.4 bcfd the next week.

(Commodities Control Bureau)


       
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