Natural gas gains amid forecasts for more gas demand.
Natural Gas yesterday settled up by 3.8% at 183 amid forecasts for more gas demand in the week than previously expected. However, the upside is seen as limited as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants declined due to spring maintenance. Average gas output in the U.S. Lower 48 states rose to 101.7 billion cubic feet per day (bcfd) so far in May, up from a record 101.4 bcfd in April. Meteorologists projected the weather would remain mostly warmer than normal from May 5-16, with cooling degree days (CDD) exceeding heating degree days (HDD) over the next two weeks for the first time this year.
