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Natural Gas Gains on Signs of Stronger Demand in Warmer Weather

Natural gas futures rose for a second day amid speculation that warmer weather later this month will boost demand for the power-plant fuel.

A midday update to the government’s weather forecasting model showed temperatures may climb higher than previously projected in parts of the Midwest June 7 through June 11, according to MDA Weather Services. The high in Chicago on June 8 may be 82 degrees Fahrenheit (28 Celsius), 4 more than usual, AccuWeather Inc. said.

Prices rebounded after dropping to $2.60 per million British thermal units, near a one-month low, as traders who were short futures moved to cover their positions, said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York.

 “As we get better guidance for the next week, it appears that there are warmer changes that are occurring in the Midwest,” said Teri Viswanath, director of commodities strategy at BNP Paribas SA in New York. “There’s a possibility that some will read into a more constructive model update.”

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