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Natural Gas futures rallied in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market amidst hopes than an extended cold snap in the US may bolster the heating demand for the fuel in the world’s biggest economy.
After a massive snowstorm that hit the US East Coast last weekend, natural gas traders are pinning hopes on an extended run of below-normal temperatures that may boost demand for gas-fired heating at offices and homes, eroding stockpiles which are at multi-year highs. Updated weather forecasts called for colder weather persisting over the next two weeks across parts of the US.
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