Natural gas futures may be on the rise
Natural gas futures may gain in the coming days as colder weather sparks demand, a Bloomberg News survey showed.
Nine of 15 analysts in the survey said U.S. prices would increase through Friday. Three said gas would fall. Three others predicted little change. Last week, 45 percent of participants expected gas futures to rise.
Upcoming storage reports look like they will continue to feature above-average rates of withdrawal, said Tim Evans, an energy analyst with Citi Futures Perspective in New York.
Stockpiles fell 147 billion cubic feet in the week ended Dec. 19, more than the normal withdrawal for that time of year, an Energy Department report last week showed.
Mild weather now will be followed by a colder pattern starting the middle of next week, Joe Bastardi, a meteorologist at AccuWeather Inc. in State College, Pa., said Friday.
Natural gas for January delivery rose 9 no teletrak payday loan.2 percent this week to settle at $5.826 per million British thermal units on the New York Mercantile Exchange. The January contract expires on Monday. Prices have dropped 22 percent this year.
The natural gas survey has correctly forecast the direction of prices 49 percent of the time since its June 2004 introduction.
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