Investing.com - Natural gas futures hit a fresh two-month high on Tuesday, 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 $4.824 per million British thermal units, the most since February 25.
Natural gas last traded at $4.807 during U.S. morning hours, up 0.16%, or 0.7 cents. The June contract surged 3.03%, or 14.1 cents, on Monday to settle at $4.799 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 $5.207, the high from February 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, total U.S. natural gas storage stood at an 11-year low of 899 billion cubic feet as of last week. Stocks are 1.008 trillion cubic feet below the five-year average of 1.907 trillion cubic feet for this time of year.
Producers would need to add 2.6 trillion to 2.9 trillion cubic feet to storage by November 1 to meet typical winter demand, analysts said.
Elsewhere on the Nymex, crude oil for delivery in June rose 1.18%, or $1.19, to trade at $102.03 a barrel, while heating oil for June delivery advanced 0.9% to trade at $2.971 per gallon.