This year's first extended spell of cold weather in the eastern U.S. is forecast by government meteorologists to end later this week. Gas inventories remained 21 percent above normal after a smaller decline than analysts estimated in the week ended Jan. 26. Prices may have climbed too far, with a 12 percent jump on Jan. 30, on concern cold weather would persist, said Carl Neill, an analyst with Risk Management Inc. in Chicago.
95
Natural Gas To Decline
Natural gas may decline in New York as warmer weather hurts demand
Natural gas, the best-performing commodity this year, may decline in New York as warmer weather hurts demand at a time of ample supply, Bloomberg reported.
Ten of 23 traders and analysts, or 43 percent, predicted New York gas futures will drop this week, nine said prices will rise, and four expect prices to be little changed, according to a Bloomberg News survey conducted Feb. 2.
This year's first extended spell of cold weather in the eastern U.S. is forecast by government meteorologists to end later this week. Gas inventories remained 21 percent above normal after a smaller decline than analysts estimated in the week ended Jan. 26. Prices may have climbed too far, with a 12 percent jump on Jan. 30, on concern cold weather would persist, said Carl Neill, an analyst with Risk Management Inc. in Chicago.
Natural gas for March delivery gained 4.4 percent last week, ending at $7.476 per million British thermal units on the New York Mercantile Exchange. Gas prices have climbed 19 percent this year, the most among 18 commodities tracked by Bloomberg.
This year's first extended spell of cold weather in the eastern U.S. is forecast by government meteorologists to end later this week. Gas inventories remained 21 percent above normal after a smaller decline than analysts estimated in the week ended Jan. 26. Prices may have climbed too far, with a 12 percent jump on Jan. 30, on concern cold weather would persist, said Carl Neill, an analyst with Risk Management Inc. in Chicago.
Подпишитесь
