Investing.com - A late-season cool snap over parts of the U.S. coupled with expectations for a bullish weekly supply report due out later this week sent natural gas prices rising on Monday.
On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.778 per million British thermal units during U.S. trading, up 2.57%. The commodity hit session high of $4.785 and a low of $4.648.
The June contract settled down 1.38% on Friday to end at $4.658 per million British thermal units.
Natural gas futures were likely to find support at $4.646 per million British thermal units, Friday''s low, and resistance at $4.818, Thursday''s high.
Updated weather-forecasting models called for below-normal temperatures to stretch across portions of the central and eastern U.S. in the coming week, a little longer than once anticipated, which should hike demand for heating.
Supply anticipation boosted the commodity as well.
The U.S. Energy Information Administration’s weekly supply report showed that natural gas storage in the U.S. rose by 49 billion cubic feet last week, above forecasts for an increase of 42 billion cubic feet, though cooler weather may yield a more bullish report this week.
Total U.S. natural gas storage stood at 899 billion cubic feet. Stocks were 831 billion cubic feet less than last year at this time and 1.008 trillion cubic feet below the five-year average of 1.907 trillion cubic feet for this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in June were unchanged at $100.60 a barrel, while heating oil for June delivery were down 0.92% at $2.9535 per gallon.