May Nymex natural gas (NGK23) on Friday closed up +0.107 (+5.33%).
May nat-gas Friday recovered from a 2-1/2 year nearest-futures low and closed sharply higher. Forecasts for summer-like weather in the eastern U.S. that will boost nat-gas demand from utility companies to power air conditioning sparked short-covering in nat-gas futures. The Commodity Weather Group said above-normal temperatures are expected across the southern and eastern U.S. from April 19-23, with temperatures Friday climbing close to 90 degrees in New York City. Nat-gas prices Friday had opened lower and posted a 2-1/2 year low on robust U.S. supplies, with U.S. nat-gas stockpiles a hefty +18.9% above the 5-year seasonal average.
