Natural gas fluctuated in New York on forecasts of below-normal temperatures that would increase heating-fuel demand.
Gas moved between gains and losses after Commodity Weather Group LLC in Bethesda, Maryland, predicted colder-than-average weather in the northern half of the U.S. from Feb. 17 through Feb. 21. The low in New York on Feb. 17 may be 19 degrees Fahrenheit (minus 7 Celsius), 10 lower than usual, according to AccuWeather Inc. Prices fell 0.9 percent last week.
“We’re seeing the possibility of the weather getting a little colder in the week ahead and that’s supporting the market,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “Prices are having a rebound after getting hit last week.”
Natural gas for March delivery rose 0.5 cent to $3.284 per million British thermal units at 9:18 a.m. on the New York Mercantile Exchange. Prices are up 33 percent from a year ago. Trading volume was 5.3 percent below the 100-day average for the time of day.
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