Investing.com - Natural gas futures rallied more than 2% on Monday, after updated weather forecasting models called for slightly cooler than normal temperatures over the next 15 days.
On the New York Mercantile Exchange, natural gas for delivery in June rose to a session high of $4.785 per million British thermal units. Natural gas last traded at $4.761 during U.S. morning hours, up 2.21%, or 10.3 cents.
The June contract lost 1.38%, or 6.5 cents, on Friday to settle at $4.658 per million British thermal units.
Futures were likely to find support at $4.644 per million British thermal units, the low from April 25 and resistance at $4.818, the high from April 24.
Updated weather-forecasting models called for below-normal temperatures stretching across portions of the central and eastern U.S. in the coming week, which should hike demand for heating.
Meanwhile, 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.
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, crude oil for delivery in June rose 0.14%, or 14 cents, to trade at $100.74 a barrel, while heating oil for June delivery declined 0.67% to trade at $2.960 per gallon.
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