NYMEX GAS PRICE: $2.928/MMBTU

PLATTS - A bullish weather forecast for much of the US provided a boost for gas futures coming out of the four-day Thanksgiving holiday, with NYMEX December settling Monday at $2.928/MMBtu, up 11.5 cents from Friday's close.

At the same time, the January contract rose 10.1 cents to settle at $3.017/MMBtu.

Phil Flynn, senior market analyst at Price Futures Group, said the price jump was largely related to a change in the long-term weather forecast.

"Well, what happened is that on Friday the weather forecast changed," Flynn said. "We had been expecting warmer weather throughout December, but now it's looking like it's going to be a little colder in late December.

"It's really kind of amazing how often the weather forecast changes. We were looking at global warming, now it seems that winter is making a comeback."

According to the US National Weather Service, the forecast for December calls for colder-than-normal weather for much of the northern US, particularly in the major demand areas of the Northeast, Midwest and Northwest, and near- to slightly above-normal temperatures in the southern US.

With the weather outlook providing support, Flynn also said that with the calendar closing in on December, trading action is moving to the January contract, boosting both.

"The rise [in the front-month contract] is also related to the fact that we are in that rollover period, where people are starting to trade for January," he said.

Production looked to remain steady Tuesday, with Platts Analytics' Bentek Energy data at 76.7 Bcf/d, near the seven-day average of 76.69 Bcf/d.

"Production is strong right now and not because people necessarily need natural gas," Flynn said. "It's indicative of the higher oil rig count and the associated gas that comes with those rigs."

The NYMEX settlement price is considered preliminary and subject to change until a final settlement price is posted at 7 pm EST (2400 GMT).

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Earlier:

October, 13, 13:00:00 PRICES: OIL $52-54; GAS $3.03-3.19 EIA forecasts Brent spot prices to average $52/b in 2017 and $54/b in 2018, which is $1/b higher in 2017 and $2/b higher in 2018 compared with last month's forecast. West Texas Intermediate (WTI) average crude oil prices are forecast to be $3.50/b lower than Brent prices in 2018.

September, 20, 09:00:00 GAS PRICES UP TO $3.146 The NYMEX October natural gas futures contract jumped 12.2 cents Monday to settle at $3.146/MMBtu, with warmer-than-average weather expected to persist through the end of September across major demand areas.

September, 13, 15:20:00 OIL PRICES: $51 - $52, GAS PRICES: $3.05 - $3.29 EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. Expected growth in natural gas exports and domestic natural gas consumption in 2018 contribute to the forecast Henry Hub natural gas spot price rising from an annual average of $3.05/MMBtu in 2017 to $3.29/MMBtu in 2018.

August, 24, 14:25:00 GAS PRICES: ABOVE $2.9 NYMEX September gas futures climbed 6.9 cents to $2.962/MMBtu as Monday's eclipse was projected to boost natural gas demand.

July, 7, 08:15:00 OIL & GAS PRICES: DOWN The August light, sweet crude contract on NYMEX dropped $1.94 on July 5 to settle at $45.13/bbl. The September contract was down $1.95 to close at $45.34/bbl. The NYMEX natural gas price for August declined 11¢ to a rounded $2.84/MMbtu. The Henry Hub cash gas price was $2.90/MMbtu on July 5, down 4¢ from June 30, the last available price for the US gas spot price. The Brent crude contract for September on London’s ICE decreased $1.82 to $47.79/bbl while the October contract dropped $1.83 to $48.07/bbl. The July gas oil contract was down $6.75 to $442.25/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on July 5 was $47.04/bbl, down 53¢.

July, 7, 08:00:00 GAS PRICES DOWN In the report -- trailed in May at the Flame conference in Amsterdam -- the IGU also confirmed that the average global wholesale gas price averaged just $3.35/MMBtu in 2016, the lowest price in any survey done by the IGU since it started in 2005.

June, 30, 08:54:49 WEEKLY OIL GAS PRICES UP The August light, sweet crude contract on NYMEX gained 50¢ on June 28 to settle at $44.74/bbl. The September contract was up 50¢ to close at $44.99/bbl. The NYMEX natural gas price for July gained 3¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price also gained 3¢ to $3.01/MMbtu. The Brent crude contract for August on London’s ICE increased 66¢ to $47.31/bbl while the September contract climbed 62¢ to $47.54/bbl. The July gas oil contract gained $4.25 to $427.50/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on June 28 was $44.48/bbl, up 25¢.