Natural Gas
Natural gas futures rose to the highest level in more than seven weeks as forecasts showed colder-than-normal weather, boosting demand for the heating fuel.
Gas gained for a third week as the Climate Prediction Center forecast cooler-than-usual weather for the eastern U.S. from March 30 to April 7. The low temperature in New York will be 26 degrees Fahrenheit (minus 3 Celsius) tomorrow, 12 degrees below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Natural gas for April delivery advanced 15.9 cents, or 3.8 percent, to $4.403 per million British thermal units on the New York Mercantile Exchange. The futures increased 5.6 percent this week.
U.S. gas production advanced 1.1 percent in December from November, according to the Energy Department’s monthly EIA-914 report. Output in the lower 48 states increased for a second month, increasing 0.2 percent to 66.76 billion cubic feet a day from a revised 66.6 billion.
In India at MCX, Natural gas April contract closed higher by 5.11% to Rs.203.30, May contract prices rose from Rs.199.90 per Kg to Rs.208.20, up by 4.15 per cent.