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NYMEX gas futures remain elevated on weather at $3.098/MMBtu

London (Platts)--4 Dec 2017 749 am EST/1249 GMT


NYMEX January natural gas futures were firmer early Monday as cold weather forecast for the eastern US in the midrange spelled stronger heating demand and larger storage draws in the weeks ahead.

At 6:46 am ET (1146 GMT), the contract was 3.7 cents higher at $3.098/MMBtu.

National Weather Service forecasts for the 6-10 days and 8-14 days showed the country split between below-average temperatures over the bulk of the eastern US and above-average temperatures over a majority of the western US, with a band of average temperatures in between.

Colder weather anticipated for major heat-consuming regions in the eastern US should ramp up natural gas demand and accelerate the pace of inventory erosion, following recent lackluster weather-related demand seen to have kept a lid on the rate of weekly draws in the latest storage report week and possibly for the subsequent report period.

--Staff reports, newsdesk@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com




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