Natural gas futures advanced for the sixth straight day in New York, the longest streak of gains in 11 months, on speculation that a blast of cold air will stoke demand for the heating fuel.
Temperatures will be below normal from the Great Plains through the East Coast from Nov. 9 through Nov. 18, according to Commodity Weather Group LLC. Gas stockpiles were 7.8 percent below year-earlier levels on Oct. 24, the biggest deficit for the time of year since at least 2005.
“We’ve got the first cold front of the season,” said Tom Saal, senior vice president of energy trading at FCStone Latin America LLC in Miami. “We had a warmer-than-normal October and that may have set us up for thinking we weren’t going to have any winter. We still have the deficit to last year and that will probably be difficult to match.”