Natural Gas Futures Gain as Heat Forecast to Boost Power Demand


Natural gas futures rose amid speculation that hot weather in the U.S. East and South will boost demand for gas-generated electricity.

Temperatures in New York will touch 90 degrees Fahrenheit (32 Celsius) today, 15 degrees higher than normal, according to AccuWeather Inc. Atlanta will have a high of 96 degrees June 1, 13 above normal, according to the forecasting company based in State College, Pennsylvania.

“It’s more like a mid-July cooling load,” said Martin King, senior commodities analyst at FirstEnergy Capital Corp. in Calgary. “It looks like some of this heat might stick around for a while.”

Natural gas for July delivery rose 5.1 cents, or 1.1 percent, to $4.569 per million British thermal units in electronic trading on the New York Mercantile Exchange. Floor trading was closed for the Memorial Day holiday in the U.S.

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