“Market bulls, who have sent prices higher in 10 of the prior 12 sessions, are counting on winter temperatures returning to normal and boosting gas demand and prices,” according to Dow Jones Newswires’ David Bird.
About half of U.S. households utilize natural gas as their heating source, reports Ray Levato for WHEC.
The EIA estimates that household natural gas spending will average $89, or 15% more this winter compared to last year. The agency also expects total natural gas consumption to increase 4.7% this year but dip 0.2% in 2013 on declines in electric power usage.
United States Natural Gas Fund
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Max Chen contributed to this article.