Investing.com - U.S. natural gas futures rebounded from the previous session's losses on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel.
Natural gas for delivery in November on the New York Mercantile Exchange tacked on 2.2 cents, or 0.88%, to trade at $2.520 per million British thermal units during U.S. morning hours. A day earlier, natural gas declined 3.7 cents, or 1.46%.
Heating demand for the fuel was likely to increase in the near-term after meteorologists predicted below-normal temperatures throughout the East Coast from October 17 to October 21.
Meanwhile, the U.S. Energy Information Administration's next storage report due on Thursday is expected to show a build of approximately 92 billion cubic feet for the week ending October 9. That compares with a build of 95 billion cubic feet in the prior week.
Total U.S. natural gas storage stood at 3,633 bcf as of last week the EIA said. Stocks were 443 bcf higher than last year at this time and 155 bcf above the five-year average of 3,478 bcf for this time of year.
Elsewhere on the Nymex, crude oil for delivery in November dipped 5 cents, or 0.11%, to trade at $46.61 a barrel, while heating oil for November delivery rose 1.19% to trade at $1.488 per gallon.