Natural gas futures rose to the highest price in more than a week in New York as cold weather spurred demand for the heating-fuel.
Temperatures will be below normal across the eastern U.S. over the next five days, with low readings lingering in the central states next week, said Commodity Weather Group LLC. A government report tomorrow may show that U.S. gas inventories fell 13 billion cubic feet last week, the first drop of this season, signaling the beginning of the peak-demand period, 13 analyst estimates compiled by Bloomberg show.
“You are challenging record lows and snowfall accumulations in some areas,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “People are asking if this winter is going to resemble last year and the early come-back on that is that it looks like it has the potential.”