PL: NYMEX October natural gas futures contract up 7.5 cents overnight to $3.656/MMBtu
The NYMEX October natural gas futures contract was up 7.5 cents to $3.656/MMBtu at 8:31 a.m. EDT (1231 GMT) on forecasts callling for above-average temperatures across much of the US and increased tropical activity.
The contract traded overnight between $3.601 and $3.689/MMBtu. The National Weather Service's Climate Prediction Center is forecasting above- average temperatures for most of the US in its 6- to 10-day and 8- to 14-day outlooks, with average to below-average temperatures for the Northeast.
In addition, the National Hurricane Center is tracking three low-pressure systems in the Atlantic and Caribbean Sea.
EcomEnergy analysts pointed to support at between $3.547/MMBtu and $3.527/MMBtu, with resistance put at $3.631/MMBtu.
Henry Hub cash was last offered on IntercontinentalExchange at $3.650/MMBtu after averaging $3.575/MMBtu on Friday.
Platts unit Bentek Energy forecast supply for Tuesday at 70.4 Bcf, down 700,000 Mcf from Monday, with demand expected be down 100,000 Mcf at 56.7 Bcf. Bentek forecast power burn at 26 Bcf, down 800,000 Mcf from Monday and industrial demand at 17.9 Bcf, up 100,000 Mcf from Monday.
Gas needed to replace lost nuclear capacity was estimated at 227,000 Mcf on Tuesday.
The petroleum complex was trading mixed on Tuesday morning.
The NYMEX October crude contract was down 39 cents at $107.26/barrel, while the NYMEX ULSD contract was up 1.50 cents at $3.1516/gallon.
No trades were seen for the NYMEX CAPP coal contract early Tuesday. It settled at $51.13/st on Friday.
