21.02.201405:36:04UTC+00Natural gas rallies as cold US weather returns

Natural gas futures leaped on Friday following its losses in the last session, despite forecasts of further cold US weather. But oil prices dived, following the US crude inventories displayed a growth of 1 million barrels last week March natural gas profited 9 cents or 1.5%, to $6.16 per million British thermal units in electronic trading.

Prices yesterday sank 8.5 cents or 1.4%, to $6.06 per million British thermal units on the New York Mercantile Exchange, following the US Energy Information Administration (EIA) reported a drop of 250 billion cubic feet in natural gas storage for the week ended February 14, in light with market anticipations.

On Thursday, the Weather Channel anticipated much chillier air spreading across the Northeast US this weekend, returning temperatures to below average. It added Arctic cold would overtake much of the Midwest US this weekend and in next week.

The total supply level of natural gas was at 1,436 billion cubic feet for the week ended Feb. 14, based on the EIA report.

Meanwhile, April crude oil futures, the front-month contract, plunged 2 cents to $102.73 a barrel. April crude prices on Thursday slid 9 cents or 0.1%, to settle at $102.75 per barrel on the Nymex, after the EIA said crude supplies increased 1 million barrels for last week. Figures from the American Petroleum Institute had reportedly put the weekly decrement at 473,000 barrels in crude supplies, as compared to a Platts prediction for a raise of 1.9 million barrels.

The March crude oil futures missed 39 cents or 0.4%, to $102.92 per barrel on Thursday in their last day of trade on the Nymex. April Brent crude stayed almost flat at $110.27 a barrel, following a 0.2% loss in the past session.

March heating boil prices and March gasoline also moved slightly, set at $3.18 per gallon and $2.85 per gallon, respectively.