Forex Pros – Natural gas futures were up for a third day on Monday, climbing to a six-day high amid speculation declining U.S. natural gas production would widen a stockpile deficit.<br /><br />On the New York Mercantile Exchange, natural gas futures for June delivery traded at USD4.306 per million British thermal units during U.S. morning trade, jumping 1.25%. <br /><br />It earlier rose by as much as 1.5% to USD4.318 per million British thermal units, the highest price since May 6.<br /><br />Industry research group Baker Hughes said on Friday that the number of active rigs drilling for natural gas in the U.S. last week fell 1.8% to 874, the lowest level since January 29, 2010. <br /><br />The rig count is down 4.9% so far in 2011. According to the group, a drop to the 800-to-850 rig range would be necessary to begin to balance the market.<br /><br />Global financial service provider Citigroup said in a report published earlier in the day that, &ldquo;Falling rigs are an indicator that production taper will off in the long run.&rdquo;<br /><br />According to the U.S. Energy Information Administration, total U.S. natural gas stockpiles stood at 1.827 trillion cubic feet as of May 6, 2% below the five-year average and 12% below 2010 levels, the widest year-on-year deficit since the week ended August 1, 2008.<br /><br />Meanwhile, industry weather group Weather Derivatives said that U.S. cooling demand from May 22 through May 26 was expected to be 44% above average, due to warmer weather expected in the southern U.S. states during that period. <br /><br />Elsewhere, light sweet crude oil futures for delivery in June slipped 0.71% to trade at USD98.72 a barrel, while heating oil for June delivery fell 0.74% to trade at USD2.918 per gallon during U.S. morning trade. <br /><br />

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