OCT 29 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 315.30 , S2 RS 311
R1 RS 320 , R2 RS 324
Natural Gas Gains as Snow Forecast for U.S. East
Spurs Demand .
Natural gas futures advanced in New York as forecasts for
snow in parts of the eastern U.S. signaled higher demand
for the heating fuel.
Natural gas for November delivery gained 6.5 cents, or 1.1
percent, to settle at $6.186 per million British thermal units
at 2:57 p.m. on the New York Mercantile Exchange. The
November contract expires tomorrow. Gas has dropped
17 percent this year.
The December futures contract rose 7.6 cents, or 1.2 percent,
to $6.416 per million Btu.
Lower temperatures will trim the amount of gas available to
go into storage as demand for the fuel to run furnaces increases.
About 52 percent of U.S. homes rely on gas for heat, according
to the U.S. Energy Department.
Stockpiles advanced 70 billion cubic feet in the week ended
Oct. 17 to 3.347 trillion cubic feet, the Energy Department
said last week. Supplies probably increased 40 billion
cubic feet in the week ended Oct. 24, according to the
median of six analyst estimates compiled by Bloomberg.
Gas and crude oil rose in earlier trading as stock markets rallied.
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