MTECHTIPS;-U.S. natural gas jumps to 2-week high on colder forecasts

MTECHTIPS;-U.S. natural gas jumps to 2-week high on colder forecasts

MTECHTIPS- U.S. natural gas futures started the week with strong gains on Monday, climbing towards a two-week high amid colder forecasts for the end of January. Natural gas for February delivery on the New York Mercantile Exchange rallied nearly 2.2% to a session high of $3.495 per million British thermal units, a level not seen since January 3. It was last at $3.486 by 8:35 AM ET (13:35 GMT), up 6.7 cents, or around 2%. Trading is likely to be quiet because U.S. markets are closed for Martin Luther King Jr. Day. Prices of the heating fuel scored a weekly gain of around 4.1% last week, on a bigger-than-expected weekly storage draw and cold forecasts. Futures remained supported as forecasts for the end of January turned colder, boosting demand for the heating fuel. Weather models initially predicted mild temperatures throughout most parts of the U.S. during the period.Natural-gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns

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