Commodity Blog

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Weather Forecast Boosts Natural Gas, Optimism Weakens Gold

January 3, 2011 at 20:28 by Vladimir Vyun

Natural gas futures climbed to the highest level in three weeks as demand increased after forecasts promised colder than normal weather in the US. Previously forecasts said that weather would be warmer than usual. Now the Commodity Weather Group says that temperature will be 15 degrees below normal in some parts of the US. February delivery for natural gas gained $0.191 (4.3 percent) to $4.599 per million British thermal units by 11:59 on NYMEX. Gas reached the highest intraday price since December 9th of $4.60 earlier.

Gold slipped today as a rally of stocks damped demand for the precious metal as a safe haven. Good report about manufacturing in the US today improved risk sentiment among investors. As a result, the Standard & Poor’s 500 Index headed for the biggest gain in a month. February delivery for gold futures declined $3.40 (0.2 percent) to $1,418 on COMEX.

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