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Dec. 13 (Bloomberg) -- Natural gas futures ended little changed after a midday update to a government weather model showed moderating temperatures next week and colder weather later in the month.
Gas futures were steady after an update to the National Oceanic and Atmospheric Administration’s Global Forecast System showed milder weather next week in the eastern and central U.S., said Matt Rogers, the president of Commodity Weather Group in Bethesda, Maryland. The outlook for late December was colder than previously forecast, Rogers said.
“Going beyond this week, we could see some relief here in terms of getting away from below-normal temperatures and back into more normal winter weather,” said Pax Saunders, an analyst with Gelber & Associates in Houston. “We still have high production.”
Natural gas for January delivery settled 0.3 cent higher at $4.42 per million British thermal units on the New York Mercantile Exchange. The futures, up 5.7 percent this month, have dropped 21 percent this year.
“The forecast looks warmer compared to last night,” Rogers said. “It’s still a cold pattern overall, but there’s some debate as to how intense the cold is going to be.”
Temperatures may be below-normal across most of the eastern half of the U.S. from Dec. 18 through Dec. 22, according to a Commodity Weather Group forecast sent to clients earlier today. Normal temperatures are likely in the Upper Midwest and parts of the Great Plains from Dec. 23 to Dec. 27, the company said.
Weather Outlook
The low temperature in New York on Dec. 19 may be 32 degrees Fahrenheit (0 Celsius), one degree above normal, according to AccuWeather Inc. in State College, Pennsylvania. The low in Chicago may be 10 degrees Fahrenheit, 11 degrees below normal.
About 52 percent of U.S. households use natural gas for heating, according to the Energy Department.
U.S. natural gas production may reach a record this year, the Energy Department said Dec. 7 in its Short-Term Energy Outlook. Gas output will average 62.09 billion cubic feet a day, the department said.
U.S. gas supplies as of Dec. 3 totaled 3.725 trillion cubic feet, 9.8 percent above the five-year average, according to the department.
Wholesale natural gas at the benchmark Henry Hub in Erath, Louisiana, rose 18.06 cents, or 4.1 percent, to $4.5485 per million Btu on the Intercontinental Exchange.
Gas futures volume in electronic trading on the Nymex was 322,602 as of 2:48 p.m., compared with a three-month average of 284,000. Volume was 323,486 on Dec. 10. Open interest was 781,235 contracts, compared with the three-month average of 792,000. The exchange has a one-business-day delay in reporting open interest and full volume data
Dec. 13 (Bloomberg) -- Natural gas futures ended little changed after a midday update to a government weather model showed moderating temperatures next week and colder weather later in the month.
Gas futures were steady after an update to the National Oceanic and Atmospheric Administration’s Global Forecast System showed milder weather next week in the eastern and central U.S., said Matt Rogers, the president of Commodity Weather Group in Bethesda, Maryland. The outlook for late December was colder than previously forecast, Rogers said.
“Going beyond this week, we could see some relief here in terms of getting away from below-normal temperatures and back into more normal winter weather,” said Pax Saunders, an analyst with Gelber & Associates in Houston. “We still have high production.”
Natural gas for January delivery settled 0.3 cent higher at $4.42 per million British thermal units on the New York Mercantile Exchange. The futures, up 5.7 percent this month, have dropped 21 percent this year.
“The forecast looks warmer compared to last night,” Rogers said. “It’s still a cold pattern overall, but there’s some debate as to how intense the cold is going to be.”
Temperatures may be below-normal across most of the eastern half of the U.S. from Dec. 18 through Dec. 22, according to a Commodity Weather Group forecast sent to clients earlier today. Normal temperatures are likely in the Upper Midwest and parts of the Great Plains from Dec. 23 to Dec. 27, the company said.
Weather Outlook
The low temperature in New York on Dec. 19 may be 32 degrees Fahrenheit (0 Celsius), one degree above normal, according to AccuWeather Inc. in State College, Pennsylvania. The low in Chicago may be 10 degrees Fahrenheit, 11 degrees below normal.
About 52 percent of U.S. households use natural gas for heating, according to the Energy Department.
U.S. natural gas production may reach a record this year, the Energy Department said Dec. 7 in its Short-Term Energy Outlook. Gas output will average 62.09 billion cubic feet a day, the department said.
U.S. gas supplies as of Dec. 3 totaled 3.725 trillion cubic feet, 9.8 percent above the five-year average, according to the department.
Wholesale natural gas at the benchmark Henry Hub in Erath, Louisiana, rose 18.06 cents, or 4.1 percent, to $4.5485 per million Btu on the Intercontinental Exchange.
Gas futures volume in electronic trading on the Nymex was 322,602 as of 2:48 p.m., compared with a three-month average of 284,000. Volume was 323,486 on Dec. 10. Open interest was 781,235 contracts, compared with the three-month average of 792,000. The exchange has a one-business-day delay in reporting open interest and full volume data
