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NYMEX: US gas futures rise 8 cents at start of week

08 May 2012 10:54:39 | lmd

The June '12 NYMEX natural gas futures settled on a 3% uptick on Monday, positioning the Henry Hub benchmark 8 cents higher than the start of the previous week.

The front month contract on Monday finished at $2.34/MMBtu, almost 6 cents higher from the previous session.

Monday's upside was partly attributed to rising temperatures in the west coast and midwest, triggering increased cooling demand for natural gas power generation. Meanwhile, temperatures for the east coast and south appear mild, weather forecasts showed.

"From a fundamental perspective, the west coast is expected to see temperatures hit 8° above normal, which should provide air conditioning demand at this point in the season," said analyst Stephen Schork of The Schork Report.

Gains were between 5-6 cents along the NYMEX natural gas curve, as the 2012 average edged up to $2.66/MMBtu and the 2013 calendar strip moved up to $3.52/MMBtu.

In the physical market, US cash hub settlements were mixed, with most locations settling slightly higher.

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