Financial Wire

Natural Gas Edges Up Despite Mild Long-Term Forecasts

-- Natural gas edged higher early Friday despite light demand amid mild spring weather.

Gas for May delivery was last seen up $0.01 to US$2.66 per million British thermal units.

The rise comes even as long-term forecasts from the National Weather Service expect nearly all states east of the Rocky Mountains to be or below seasonal averages over its eight to 14 day outlook, easing cooling demand.

The Energy Information Administration on Thursday released its weekly look at U.S. inventories of the fuel. The agency reported stocks rose by 59-billion cubic feet last week, in line with expectations and leaving inventories at 1.97-trillion cubic feet, 5.8% above the five-year average for the week.

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