NYMEX January natural gas futures were firmer early Monday as cold weatherforecast for the eastern US in the midrange spelled stronger heating demandand larger storage draws in the weeks ahead.
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At 6:46 am ET (1146 GMT), the contract was 3.7 cents higher at $3.098/MMBtu.
National Weather Service forecasts for the 6-10 days and 8-14 days showed thecountry split between below-average temperatures over the bulk of the easternUS and above-average temperatures over a majority of the western US, with aband of average temperatures in between.
Colder weather anticipated for major heat-consuming regions in the eastern USshould ramp up natural gas demand and accelerate the pace of inventoryerosion, following recent lackluster weather-related demand seen to have kepta lid on the rate of weekly draws in the latest storage report week andpossibly for the subsequent report period.
--Staff reports, firstname.lastname@example.org
--Edited by Dan Lalor, email@example.com