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On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.356 per million British thermal units during U.S. morning trade, gaining 0.37%.
It earlier fell to USD4.279 per million British thermal units, the lowest price since May 26.
Natural gas futures plunged nearly 9.5% last week as prices were pressured by rising U.S. supplies and after Goldman Sachs advised investors to sell their positions and lock-in trading profits.
However, the sharp decline triggered some bargain buying from traders reluctant to bet that prices would fall further amid a favorable demand outlook.
The Commodity Weather Group said that it expected warmer-than-normal weather across most parts of the U.S. in the upcoming week.
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Industry group Weather Derivatives said that cooling demand in the U.S. was expected to be 10% above normal from June 23 to June 27.
Demand for the fuel tends to rise in the summer as warmer temperatures increase the need for electricity to power air conditioning.
Elsewhere, light sweet crude oil futures for delivery in August dipped 0.31% to trade at USD93.11 a barrel, while heating oil for July delivery fell 0.82% to trade at USD2.9600 per gallon during U.S. morning trade.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.