Friday’s Commodities Roundup
NEW YORK (Dow Jones News) _ Natural gas futures rose nearly 13 percent Friday in reaction to reports of colder temperatures across middle America and the likelihood more gas would be pulled from storage.
The American Gas Association reported 158 billion cubic feet pulled from gas last week, which was considered bullish. Another 200 billion cubic feet draw is expected for this week.
Fuel switching and the closing of some manufacturing and other industrial end-users could ease some of the gas demand, however, analysts said.
Natural gas futures on the New York Mercantile Exchange settled at $8.396 per 1000 cubic feet, an increase of 98.3 cents.
``There’s not a lot to be said about $1 moves in this market,″ said Charlie Sanchez of Gelber Associates, an energy marketing company in Houston. ``It’s a jungle and the beasts (prices) have to run wild.″
Other products rose as well. January crude rose 88 cents to $28.87 a barrel, a day after reaching a four-month low of $27.99 a barrel on the Nymex. January heating oil rose 2.77 cents to 91.66 cents. Unleaded gasoline futures rose 1.20 cents to 75.67 cents a gallon.
In London, Brent crude for delivery in February rose 36 cents to $25.89 a gallon.
In other commodities:
_Copper futures slid on the Comex division of Nymex because of selling by those who bought the futures previously and price charts, traders said. The December contracted fell 1.65 cents to 87.25 cents per pound.
_Orange juice futures fell on the New York Cotton Exchange after reports of a benign weather outlook in Florida. The January contract fell 1.50 cents to 79.95 cents a pound.