Natural gas futures climbed in New York for the second time in three days on forecasts for a smaller-than-normal increase in inventories of the heating fuel, widening a supply deficit.
Gas rose as much as 1.2 percent. A report due tomorrow from the Energy Information Administration may show that stockpiles expanded by 30 billion cubic feet in the week ended April 26, according to the median of 10 analyst estimates compiled by Bloomberg. The five-year average gain is 67 billion.
“The storage numbers have been behind the historical averages,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “We’ve eliminated the inventory surplus and the market is going to have help from the storage report tomorrow.”
Natural gas for June delivery rose 2.6 cents, or 0.6 percent, to $4.369 per million Btu at 8:55 a.m. on the New York Mercantile Exchange. Trading volume was 83 percent above the average for the time of day. The futures have climbed 30 percent this year.
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