MTECHTIPS;-Natural Gas Futures Rise To Best Level In Three Months
MTECHTIPS-Natural gas futures rose to its best level in around there months on Tuesday, as updated forecasting models pointed to above-average temperatures covering most of the country through the end of May. That should help boost early summer cooling demand for the fuel. Front-month U.S. natural gas futures tacked on 0.9 cents, or around 0.3%, to $2.849 per million British thermal units (btu) by 8:20 AM ET (1220 GMT), after hitting an intraday high of $2.856, the strongest since February 5. Natural gas futures jumped 1.3% in the last session, boosted by forecasts of building heat across major areas of the United States. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday. Analysts forecast an increase in a range between 97 and 109 billion cubic feet (bcf) for the week ended May 11. That compares with a build of 89 bcf in the preceding week, an increase of 68 bcf a year earlier and a five-year average rise of 87 bcf
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