Natural Gas Rallies for 3rd Session as Traders Look to Winter - TopicsExpress

Natural Gas Rallies for 3rd Session as Traders Look to Winter --Natural gas ends higher as traders shrug off weak near-term demand --Focus shifts to cooler temperatures in winter --Expiration book-squaring behind Thursday rally: analysts Natural gas futures finished higher for a third straight session Friday, wiping out early-session losses as traders shrugged off signs of weakening autumn demand. Natural gas for November delivery settled 2.2 cents, or 0.6%, higher at $3.589 a million British thermal units on the New York Mercantile Exchange. The contract traded as low as $3.521 earlier in the session, before reversing those losses through the afternoon. Prices followed a similar trading pattern on Thursday, selling off hard in the morning then recovering through the afternoon. Traders attributed the recent strength to the need to cover short positions taken earlier in the month and a focus on a likely boost in demand this winter. "We are now trading November, which is the first month of the winter season," said Tom Saal, senior vice president at INTL FCStone, noting that the October contract expired Thursday. "Winter is different from a shoulder month." Natural gas demand typically rises in the winter more of the fuel is burned to heat homes. In the near term, however, mild temperatures continue to suppress demand for both heating and cooling, which fuels much of the demand for gas in summer. The EIA on Thursday reported U.S. gas stockpiles rose 87 billion cubic feet to 3.386 trillion cubic feet last week, well above the 77-bcf rise forecast by analysts in a Wall Street Journal survey. FUTURES SETTLEMENT NET CHANGE Nymex November $3.589 +2.2c Nymex December $3.769 +1.8c Nymex January $3.872 +1.9c CASH HUB RANGE PREVIOUS DAY Henry Hub $3.475-$3.5175 $3.41-$3.515 Transco 65 $3.43-$3.50 $3.4125-$3.4625 Tex East M3 $3.38-$3.50 $3.395-$3.465 Transco Z6 $3.42-$3.46 $3.44-$3.52 SoCal $3.37-$3.48 $3.385-$3.48 El Paso Perm $3.23-$3.28 $3.22-$3.2775 El Paso SJ $3.22-$3.27 $3.20-$3.28 Waha $3.30-$3.33 $3.325-$3.34 Katy $3.37-$3.47 $3.36-$3.50

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