Tens of thousands of american natgas are up 5 %, and heads for 2nd week of gains

Tens of thousands of american natgas are up 5 %, and heads for 2nd week of gains ...

The U.S. natural gas futures rose 5% on Friday as part of a second straight week of gains en route to a third straight week of gains. This follows forecasts for a slightly higher heating demand over the next two weeks and a slightly higher heating demand.

The gas futures for December delivery reached its highest mark since November 15 18 a.m. GMT, on its last day as the front-month, and were down by over 5% since November 16.

The more active contract for January, which will be the front-month soon, was up by 0.8% on approximately $5.15 per mmBtu.

"With colder weather approaching, traders are out there saying 'You can buy'", said Robert DiDona of Energy Ventures Analysis.

There was a small market, so the price is pretty steady for us and so on, but with some short covering on a thin day.

The heat has become snowing and homes and businesses storm on demand.

During the week, the prices were up a few times a week so far.

That market can shrug off today's broad-based cut in risk appetite because it's primarily weather-based," a advisor said.

During the recent months global gas prices reached record highs. To supply Liquefied Natural Gass (LNG) cargoes to replenish a extremely low stockpile in Europe and meet the insatiable demand in Asia, where power blackouts caused power a failure of energy supplies.

America has more gas in storage and more production for the winter than U.S. futures. Since 1990, the price of the Overseas has fallen two times higher in the past two years owing to the supply of an abundance of gas, which keeps the market competitive with the other countries high expectations.

With the price of gasoline around $30 per mmBtu in Europe and $36 in Asia, the cost of the gas prices lag around $5 per pound in the United States, traders said world buyers will continue to buy the tons of LNG whose supply they can produce.

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